China is the country to file the most blockchain patents in 2017

According to the reports of Financial Times dated March 25, China was the country that applied to the World Intellectual Property Organization (WIPO) and filed the most Blockchain patents in 2017.

Data gathered by Thomson Reuters from the international patent organization shows that more than half of the 406 patents in 2017 came from China. China’s 225 Blockchain patents were followed by the US with 91 and Australia with 13.

Patent applications for blockchain technology tripled last year

Patent applications for blockchain technology tripled last year. According to Alex Batteson, editor at Thomson Reuters’ Applied Law:

Technologies are advancing rapidly to protect their ideas in new areas of technological development, long before technology is introduced.

Chinese firms created 6 of the top nine fleets for Blockchain patents from 2012 to 2017, led by Beijing Technology Development. While not all patents are for viable products, the data is important in terms of operating in a certain industry area and creating a barrier to new entries.

Blockchain patent is important for new investors

Batteson adds that Blockchain patent is an important tool for companies to attract investors. Patents for certain technologies signal to investors that “a business can take advantage of its owned intellectual property and not face interference from other parties claiming ownership.”

The Chinese Government has no official interest in developing Blockchain technology in the country. showed. As previously reported, China approved the establishment of a Blockchain Development Center with the government-backed investment association.

On March 23, China’s Ministry of Industry and Information Technology announced to promote the development and standardization of Blockchain technology. published a list of goals. Goals also include working to establish international standards.

Cointelegraph