Chinese Universities Are Patenting Blockchain Technology

academic-21674_960_720

Many universities around the world have implemented blockchain research programs. Now, several China-based universities are acquiring blockchain patents that could lead to the development of many applications.

China State Intellectual Property Office (SIPO) presented new data showing the constant effort made by certain universities such as  Zhejiang University, Shenzhen University and Chinese Academy of Sciences to obtain patents surrounding blockchain technology. In China, cryptocurrencies are gaining lot of popularity and the government is investing money in academic institutions working on blockchain research and development.

There is also an increasing number of companies that are working on developing blockchain-based applications. There is a collaborative effort between the government, technology universities and companies to innovate and get patents for the blockchain applications they create.

The documents published by SIPO explains that Zhejiang University wants to patent a cloud-based blockchain system that facilitates international payment transactions.

The record informs that the Academy of Sciences in Beijing is currently working on a blockchain ecosystem that can “simultaneously support public, private and consortium blockchains.”

On the other hand, the patent pursuied by Shenzen University is related to a more specific application of the blockchain techology, which is the intellectual property rights for artists by using blockchain to track and record information on the distribution of the artwork.

The blockchain technology is continually evolving and many companies, governments and schools are trying to integrate the technology into their systems. China is one the most advanced countries for technological innovations and many institutions in the country are working to develop blockchain patents, seeing the potential of the technology.

One thought on “Chinese Universities Are Patenting Blockchain Technology

Leave a Reply