China is on the top of when it comes to the number of blockchain patents filed surpassing those filed in the USA, reports Hard Fork, which pulled the data from the World Intellectual Property Organization’s websites.
The data indicated that last year, blockchain patents published in 2018 were in excess of 1000 while those published in 2017 stood at around 971.
Despite the ban on cryptocurrencies, China is leading the list of cuntries with most patents with 790 approvals followed closely by the United States with 762 approvals. South Korea, Australia, Canada, India, U.K, Singapore and Japan were next in the line with 161, 136, 67,67, 36, 28, and 12 blockchain patents respectively.
Looking at which companies were most active in filing Blockchain patents, the data indicated that London-based nChain is not top with 203 patent filings followed by IBM (119), Mastercard (111), Coinplug (84), and Alibaba (60).
It is to be noted that although nChain is based in London, UK, the company received approval for applications made in other countries – namely Canada, Australia, and India – hence why the UK was not the country with the highest number of patent approvals.
Other top companies that were captured in the data include Microsoft, Intel, Bank of America, PBoC’s Digital Currency Research Institute, Visa, and Accenture.
According to Hard Fork:
Despite the fact that digital currencies and blockchain technology were first designed to circumvent centralized organizations, those very entities are the ones driving patent submissions in an attempt to improve their bottom line.