A new survey made by Withers & Rogers brought up an interesting piece of information: South Korea is currently the country with the highest rate of approved blockchain patents in the whole world. Even Japan, which is another giant in the area, comes in second when compared to the country.
The research compared five important regions: South Korea, Japan, Europe, the United States, and China, which are all considered the most important actors in this market. South Korea is actually the third when it comes to the total number of patents submitted, but it has the highest approval rate of all the countries.
Its acceptance rate is 54% and it is the only country in which more than half of the patents are actually granted. According to the research, 294 patents were accepted and 248 were not during the timeframe of the survey.
Japan comes way behind with an acceptance of only 17%. 54 patents were approved in Japan while 262 were not. The United States is very close behind and it has a greater volume overall than both countries combined. 403 of its patents were approved and a total of 2099 were declined, which gives the country a rate of acceptance of 16%, only 1% below Japan.
Europe is the fourth on the list. It has only seen 15 patents approved out of 437 ones. However, the country with the lowest approval rate is also the one with the higher sheer number of blockchain patents submitted: China. The country only approved 83 of 6840 submitted patents. This is probably because China has the highest standards when it comes to approving these patents.
When we look at the number, China has 62% of all the applications and the U. S. has 22%, being the two countries that most submit these patents.