Most of the filings in regard to Blockchain technology to the WIPO (World Intellectual Property Organization) in 2017 were filed by China. This is according to the March 25 financial time’s report.
This is according to the data collected and announced by Thomson Reuters from the international patent organization. This data depicted that more than half out of the 406 patents were filed by China in 2017. Therefore, China as a country was involved in filing 225 Blockchain patents which were followed by the US at 91 and Australia at 13.
According to last year’s statistics, the patent applications for Blockchain technology had tripled. According to an editor at Thomson Reuters Practical law, Alex Batterson, “Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.”
Therefore, Chinese based corporations were six out of the nine filers for the Blockchain patents between 2012 and 2017. This was led by the Beijing Technology development. Even though not all the patents were successful in the production of workable products, the data has significance due to the fact that it is a representation of activity on a specific sphere of the industry and this could lead to barriers of entry.
Additionally, Batterson added that patents are a significant tool for corporations to attract investments. Therefore, patents built on technology are important to investors that “a business owns and can capitalize on the intellectual property and will not face interference from other parties claiming ownership.”
Due to this, the Chinese government has taken the initiative to develop Blockchain technology in the country. As it has been reported by Cointelegraph, the government was involved in backing up the investment association of China when they confirmed the formation of the Blockchain Development Center.
On the 23rd March, the Chinese Ministry of Industry and Information Technology came up with a list of the set goals and objectives which would help in the development and also the standardization of Blockchain technology. The set objectives also involve the establishment of standards globally.