As the Financial Times reports the majority of patent applications related to the technology of blockchain which has joined the world intellectual property organization (WIPO) in 2017 came from China.
According to data compiled by the staff of Thomson Reuters, more than half of the 406 patents in 2017 owned by applicants from China: from this country it was filed 225 blockchain patents, followed by USA (91) Australia (13).
The number of patent applications related to blockchain technology last year increased three times. According to Alex Batteson, editor of Thomson Reuters:
Companies take active steps to protect their developments in technology, which is still far from mass market.
Of the top 10 companies that filed blockchain patents in the period from 2012 to 2017, six are Chinese, and Beijing tops the list of Technology Development. Although not all patents end with the creation of products, the data itself are important, as they indicate the activity in a particular industry and can create barriers to entry.
Bateson added that patents are an important tool for companies attracting investment. Patents related to certain technology to signal to investors that the “business owns and can benefit from intellectual property and will not face interference from the other parties requiring property rights.”
The Chinese government also takes an interest in blockchain technology. As previously reported, the government-backed Investment Association of China took an active part in creating the centre for the development of blockchain technology.