Tokyo-based research firm Astamuse has found that the number of blockchain-related patent applications in China accounts for over 60% of the total applications submitted by five major economies, including the United States, Japan, China, Germany, and South Korea. Together, they submitted around 12,000 applications. Alibaba Group Holding has the most applications of any corporate entity.

China at the Forefront of the Blockchain Industry

China is outpacing the other four countries, with South Korea submitting around 1,150 applications and Japan fewer than 380 applications. According to Innography, Chinese retail giant Alibaba submitted the most applications (512), followed by U.K.-based firm nChain (468). American tech giant IBM had 248 applications.

Chinese news program Focus Report remarked that around 32,000 Chinese companies claim to use blockchain, but the real figure is much less. Still, China leads the world in the blockchain industry, second only to the U.S. when it comes to the number of blockchain companies.

China Fully Supports Blockchain

In October this year, China’s President Xi Jinping called for greater adoption of blockchain, saying the utilization of blockchain technology is key to technological innovation and industrial transformation in China.

Regarding China’s plan to issue its own digital currency, Edith Cheung from blockchain-focused venture capital fund Proof of Capital said she believes that the new digital currency will be launched soon, as China hopes to become the first nation to use a national digital 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,” Cheung said.

Source: cointelegraph.com

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