China Is Potentially Leader in Blockchain Development
China accounts for 84% of all blockchain technology patent applications filed worldwide. But there’s one nuance.
The China State Council’s Patent Office receives 84% of all blockchain technology patent applications. The South China Morning Post reports this, citing Wang Jianwei, deputy director of the Ministry of Industry and Information Technology.
According to closed reports from 01Caijing and PatSnap, China’s blockchain patent applications accounted for nearly 60% of the global number from 2015 to June 2021. The U.S. and South Korea ranked second and third, respectively.
The thing is that the approval rate for such applications is extremely low in China. Only 19% of all applications are approved, while applications from the U.S. and South Korea are approved at 26% and 43%.
At the same time, China continues actively developing its digital yuan program. The central bank digital currency (CBDC) has recently expanded to four more provinces, increasing the number of potential users by 360 million.