China accounts for 84% of all blockchain functions filed worldwide, in accordance with the most recent knowledge shared by the nation’s authorities official.

China has steered away from the cryptocurrency market. Nevertheless, the Beijing authorities has been supportive of the underlying blockchain expertise. The nation has actively promoted the usage of blockchain tech through the years, and thus the excessive share of blockchain patents isn’t stunning.

President Xi Jinping has additionally performed a key position in selling the nascent blockchain expertise. In 2019, the President referred to as upon residents, tech firms and stakeholders of the ecosystem to actively take part and innovate with the nascent tech as it will play a key position in the way forward for the subsequent industrial revolution.

As Cointelegraph reported earlier, Chinese language firms had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the trade. In response to one other examine, China accounted for roughly 60% of the world’s blockchain patent functions from 2015 to June 2021, adopted by the US and South Korea.

The determine was launched on Tuesday by Wang Jianwei, deputy director of the Ministry of Trade and Data Know-how. Nevertheless, the figures didn’t embody a timeframe wherein these patent functions have been filed.

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Whereas China accounts for the very best variety of blockchain patent functions, the approval fee is considerably low, with solely 19% of the full filed functions getting permitted, reported South China Morning Publish.

One other vital factor to notice right here is that China is just not very huge on decentralization, the identical precept that blockchain tech is predicated on. This was evident from the nation’s digital yuan improvement, the place the central financial institution developed the digital nationwide forex on the curated model of a blockchain with full management over its functioning quite than utilizing the normal distributed community method.