China is one of the countries that have recently committed to making the digital environment conducive for everyone, but coupled with some kind of restriction and order. This explains why it has been enthusiastic about digital currency and has been taking a leading role when it comes to implementing policies. As such, it is now something of a world leader with regards to blockchain patent applications. The World Intellectual Patent Organization has data that shows that of the 400 blockchain-related applications noted in 2017, more than half came from China. This was followed by the United States with 91 applications.
Is Patent Approval Enough?
It should be noted, however, that most of the applications that come in for patent do not get the seal of approval according to Quarts. Even those that get lucky enough do not see the vision of the patent automatically crafted into a real product. Whatever the case, it remains a fact that patents do play a central role in provision of vital market signals.
Alex Batteson, a Practical law editor at Thomson Reuters says:
They are a tool that can shut out competitors and provide first movers an advantage. Many of the largest companies in the tech world make the majority of their income from licensing patented technology.
The Tide Is turning
One of the most notable paradoxes in this whole scenario has to be the fact that China hasn’t really been too keen on blockchain in the past. This can be seen from the crackdown on bryptocurrency mining, Initial Coin Offerings and digital currency trading over the last six months.
According to Quarts, blockchain has become an interesting topic of late, especially in the recent meeting of “Two Sessions”. Notably, the Chinese government is also focused on creating its own cryptocurrency.
New Phones in the Market Based on Blockchain
There also seems to have been a more concerted effort by manufacturers of mobile phones into launching blockchain-related phones. Some of the notable phones that have gone down route include the R8 Unicorn from Sichuan Changhong Electric Co. and Lenovo’s S5.
China is the base of the famous altcoin, NEO, which has been referred to as the Chinese Etheruem. It has been made to provide a scalable network of decentralized apps as well as Twon, which is the decentralized protocol of content entertainment based on blockchain technology.
What do you think about China’s bid to become a world leader in embracing blockchain? Do you think other countries should follow suit? Let us know your views in the comments section below.