China is the country who filed the most blockchain patents to the World Intellectual Property Organization in 2017, According to Financial Times.
More than 50% of the 406 patents filed in the world in 2017 came from China, which is followed by the U.S. and Australia, with respectively 91 and 13 blockchain patent filings, according to the data collected by Thomson Reuters. Blockchain patent application numbers tripled in 2017.
An editor at Thomson Reuters’ Practical Law, Alex Batteson stated:
“Companies are moving fast in order to protect their ideas in new areas of technological development, long before the technology actually goes to market.”
Between 2012 and 2017, Chinese companies guided by Beijing Technology Development filed 6 blockchain patents in the top 9 blockchain filers.
Batteson also mentioned that technological patents are useful to bring more investments in a market, since it alerts investors that “a business owns and can capitalize on the intellectual property and will not face interference from other parties claiming ownership.”
It is not surprising to see China being the top country for filed blockchain patents, since they invest a lot in research on the blockchain technology and cryptocurrency.
Earlier this month, the Investment Association of China (IAC) announced that it will develop an “International Blockchain Investment Development Center.”
This week, the China IT Ministry said it wants to standardize blockchain by expressing a list of objectives.