Several of China’s top-tier public universities are working on patenting blockchain applications that are developed on campus.
SIPO (China State Intellectual Property Office) published new data on February 16 and 23 regarding the subject. It highlights the institutions’ efforts such as Chinese Academy of Sciences, Shenzhen University, and Zhejiang University to create patents related to the blockchain technology. However, the major financial institutions such the Bank of China has already considered issues like blockchain scaling.
According to SIPO’s records, Zhejiang University is trying to patent a blockchain system that is cloud-based and enables easier cross-border payment transactions. Further, the university claims that, instead of payment transactions passing through a 3rd party as a form of the trustee, the system will be able to record a sender’s transaction request on a decentralized blockchain ledger. This ledger will be formed by distributed cloud servers.
Also, the Chinese Academy of Sciences that is based on Beijing is monitoring a blockchain system that can support consortium, private and public blockchains at the same time, as the records show.
In contrast, Shenzhen University is working on a patent related to a more specific use case: intellectual property rights for artists. It uses the blockchain technology as a means to trace and tag works. It is possible as well that the system would utilize a type of tamper-proof artwork trading system.
Chinese government’s interest in blockchain technology is increasing
These efforts are a tangible evidence of the increasing interest and resources’ investment from Chinese government-funded universities in the area of blockchain development and research.
In addition, the efforts are in line with the growing number of companies in China that are searching ways to patent inventions related to the blockchain. The move also follows the agenda of China’s government to push forward with FinTech (financial technology) applications.