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China dominates Global Blockchain Patient Applications

China is leading the Global rankings of Blockchain Patent Applications since 2019. The nation has secured seven positions in top ten global ranking list – first, second, third, fifth, sixth and the last two positions. Alibaba, World’s biggest online commerce company, has made possible to secure first rank along with its online payment platform – Alipay. It has 1,505 patent petitions. With 724 petitions Tencent Holdings Ltd.,from China, is at second position. Ping An Group has 561 patent petitions being third in the list.

WeBank, Reechain, LaunchTech and are fifth, sixth, ninth and tenth with petitions — 282, 279, 209 and 205 respectively.

However, not everyone is satisfied with this ranking list and consequently, Vitalik Buterin (Co-founder, Ethereum & Co-founder, Bitcoin Magazine) has condemned companies for bragging about their achievements in petitions. Later, a twitter user criticized Buterin for his statement.

It is a fact that, China is dominating the World in Blockchain patient applications as it is controlling many Bitcoin mining industries. Last year, in October, China’s President, Xi Jinping called to accelerate it’s adoption in
Blockchain technologies as means to introduce innovations and to transform industries. Edith Cheung, a Blockchain investigator from China, said, China will “definitely” deploy its new digital currency within the next six months to a year. She also believes that, China will become the first country to issue a digital incarnation of its national currency.

“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.”

she added.

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