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

China has steered away from the cryptocurrency market. Nonetheless, the Beijing authorities has been supportive of the underlying blockchain know-how. The nation has actively promoted the usage of blockchain tech over time, and thus the excessive proportion of blockchain patents isn’t shocking.

President Xi Jinping has additionally performed a key position in selling the nascent blockchain know-how. In 2019, the President referred to as upon residents, tech corporations 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 corporations had filed 4,435 blockchain patents inside one 12 months of President Xi Jinping’s endorsement of the trade. In line with 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 Business and Info Expertise. Nonetheless, the figures didn’t embody a timeframe during which these patent functions have been filed.

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Whereas China accounts for the best variety of blockchain patent functions, the approval fee is considerably low, with solely 19% of the whole filed functions getting accredited, reported South China Morning Put up.

One other essential factor to notice right here is that China shouldn’t be very massive on decentralization, the identical precept that blockchain tech relies on. This was evident from the nation’s digital yuan growth, the place the central financial institution developed the digital nationwide foreign money on the curated model of a blockchain with full management over its functioning reasonably than utilizing the standard distributed community method.