VeChain is Top 10 in Global Blockchain Patents Among Alibaba, Mastercard, IBM and Bank of America (China Holds 48%)
VeChain Foundation ranks tenth in a number of global blockchain patents as Chinese companies dominate the rankings.
Development in the field of blockchain technology is moving at a rapid pace and companies are rushing to patent their ideas as the industry blows up. A report from the Securities Daily News, a Chinese publication, released a list of the top 100 companies across the world with blockchain patents.
The list includes the e-commerce giants [Jingdong Digital Technology (JD.com) and Alibaba], financial heavyweights [Bank of America, People’s Bank of China and IBM] and top internet companies including Baidu and Tencent, all which were in the top 20 companies with the highest number of patents.
Top 30 companies with the highest number of blockchain patents (Image from Twitter)
While most of the reported number of patents are owned by traditional companies, blockchain companies are taking up the act with technological development in the field at an all-time high. One surprising inclusion in the top 10 list is VeChain Foundation, which owns 38 patents.
The Lion’s Share: Chinese Companies Tops The Global Rankings
According to the data of the Intellectual Property Center of China Information and Communication Research Institute, China leads the world standings in a number of patents in blockchain and the United States coming in second. The data collected from 2013 to December 2018 reports a total of 4435 blockchain patents recorded in China representing 48% of the world’s total number. The United States has recorded 1833 blockchain patents in the same period, representing 20% of the total.
Companies are taking up the lion’s share in the number of patents owned surpassing the application volume of research institutions, individuals and government agencies. According to the report, 75% of the global blockchain patents are filed by companies.
VeChain Tops Blockchain Companies
VeChain is an internet of things blockchain that aims at integrating blockchains in every day smart devices to collect, transfer and secure data efficiently. The VeChain Foundation is having a great year so far after making a number of partnerships with big corporate firms including BMW, Audi and Deloitte.
Furthermore, the company is ranked as the highest native blockchain company on the global blockchain patent list. The company has a total of 38 patents registered to secure their developments in the blockchain and IOT sector. Two of VeChain’s patents include
“Sharing and tracing system for internet of vehicles (IOV) based on blockchain technology”
“Blockchain technology-based anti-counterfeiting system design and implementation.”
The report concludes that it is not possible to judge the value of technological innovations simply by the number of blockchain patents and to further judge the commercial application of enterprise products and technological innovation. However, the presence of such huge companies in the field is an incentive to believe in the growth of the blockchain industry to global levels.