China has 84% blockchain patent dominance

China's tech giants race to be world leaders in blockchain patents

Ever since the Chinese leader Xi Jinping called on corporations to become world leaders in the blockchain space in 2019, tech giants have been intensely striving in this direction. According to the latest information released by a government official, China is currently responsible for 84% of all patent applications for blockchain technology worldwide.

China wants to dominate the blockchain market

Although China turned its back on the digital currency sector, banning, among other things, mining, the country has not deleted the technology behind this asset class. Already at the stage of 2019, the local leader, Xi Jinping, called on Chinese companies to use the potential hidden in blockchain.

China has been promoting technology related to the crypto asset market for years. The country's authorities are well aware that it may play a key role in the industrial revolution in the near future. For this reason, Chinese politicians encourage corporations to seize this opportunity.

According to data provided by the deputy director at the Ministry of Industry and Information Technology - Wang Jianwei, the Middle Kingdom is responsible for 84% of all patent applications related to blockchain filed worldwide. However, the official did not provide any details on the timeframe on which they were submitted.

While China has the highest number of applications related to this technology, in fact a small proportion, estimated at 19%, has been approved by the Chinese authorities. This indicator was reported by the South China Morning Post institute.

The Middle Kingdom uses blockchain technology to increase control over its own citizens

While China remains open to blockchain, local authorities are more in favor of centralization. The Chinese have created their own virtual currency, which is managed by the central bank (CBDC). This coin was created in a strictly controlled environment by the Chinese government. This, in turn, is the opposite of decentralization on which, among others, Bitcoin (BTC) and Ethereum (ETH) are based.