Chinese Companies Beating the US in Blockchain Patent Submissions with Over 7,500 Filed

China is seemingly overtaking other countries in adopting blockchain technology. That information was revealed by the number of patent applications by firms in China. China seems to have outrun even the United States.

During a release by Nikkei, which is Japan's financial newspaper, between the years 2009 and 2018, Chinese firms have submitted about three times more patent applications than US-companies. Applications received in that period were about 7,600.

About 12,000 Applications Received for Blockchain

Astamuse, a research company in Tokyo, announced that five countries had submitted around 12,000 patent applications for blockchain technology in 2018. These countries include South Korea, China, the US, Japan, and Germany. China, however, submitted the largest share of applications, which translated to over 60% of the total.

Applications received from Japan were less than 380, while those submitted by South Korea were around 1,150. Alibaba Group Holding, the local Chinese syndicate, topped the list of corporate applications with 512 applications. It was closely followed by nChain based in the UK with 468 applications.

Focus Report, a Chinese news program indicated that more than 32,000 Chinese companies say that they use blockchain technology, but the truth is less than 10% of that number indeed use blockchain. According to the release, the blockchain industry in China is at the forefront with numerous blockchain businesses.

Blockchain Adoption in the Asian Country

Xi Jinping, China's President asked the nation to speed up the adoption of blockchain. He emphasized that having integrated blockchain technologies in the country is fundamental in the transformation of industries and promoting technological innovation.

Proof of Capital's partner Edith Cheung said that she has no doubt China will unveil its digital currency in the next six months to one year. Miss Cheung believes that foreign powers should be ready since China will seemingly become the first nation in the world to have a digital coin as a national currency.

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