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China Greets Blockchain With A Smile

Blockchain

Since Bitcoin ’ s beginning, the terms “blockchain” and “cryptocurrency” have actually gone together, with numerous utilizing the 2 words to match each other in a comparable context. Although it is commonly comprehended that the approval of blockchain straight indicates the approval of cryptocurrencies, China has actually taken a various technique, with innovators within the nation looking for to move the advancement of blockchain innovations, while obstructing the adoption of cryptocurrencies at the exact same time.

As per a report from the Asia Nikkei Review, an Asia- based news outlet, Chinese companies have actually plainly led the blockchain-related patent race, with Alibaba alone representing more than 10% of the world ’ s blockchain patent applications. China ’ s infatuation to blockchain development has supposedly taken the whole nation by storm, with web giants such as Tencent and Baidu providing an incredible 56% of 406 around the world patents.

To put this 56% fact into viewpoint, the United States, which is unarguably the world ’ s primary technological superpower, is just accountable for 22% of blockchain-centric patent filings.

As per a chart from the report (seen right), the People ’ s Bank of China takes the cake when it concerns the most decentralized journal innovation (DLT) patents

china
ImageCourtesy of The Nikkei Asian Review

submitted by a specific entity, with China ’ s reserve bank providing 68 filings recently. Following the PBOC ’ s 68 patents is Alibaba, Bank of America, nChain Holdings, Beijing Rui Josie Technology Development, Mastercard, Jiangsu Tongfudun Information Technology, Cloud Minds (Shenzhen) Technologies, China United Network Communications and Hangzhou Qulian Technology.

 

JohnEastwood, a Taiwan- based partner at Eiger Law, discussed China ’ s unrelenting drive for blockchain adoption and advancement, mentioning:

Blockchain is a brand-new technological landscape where it might be really lucrative for Chinese business to get substantial area in their patent claim language. Holding a number of patents assists to provide an aura of authenticity that assists numerous business in the blockchain field to bring in financiers or acquirers.

Chinese blockchain trendsetters have actually discovered a great range of markets to use DLT to, consisting of supply chain management, worldwide monetary deals (remittance), postal services, health care, and more.

Alibaba ’ s Blockchain Drive

Alibaba,China ’ s Second most important business, has actually taken a rather unbiased technique when it concerns blockchain. Jack Ma, Alibaba ’ s creator and among the most popular business owners worldwide, has actually freely backed DLT. Speaking at the launch of his company ’ s blockchain-centric remittance service in Hong Kong, Ma mentioned:

Blockchain innovation can assist conquer the obstacles of security, sustainability and addition. It might alter our world more than individuals can envision.

And it appears that the company hasn ’ t taken an ‘ all talk, no action ’ technique, with the $450 billion huge making a series of relocate to accommodate blockchain innovations in current months. Most just recently, Alibaba has actually started checking out using blockchain in health care, partnering with the city of Changzhou to validate and “secure” a client ’ s medical information on a blockchain.

WhileChina has actually certainly taken a leading function in the so-called ‘ blockchain transformation ’, the heavy-handed federal government appears to be hesitant to say yes to cryptocurrencies, or a minimum of in the meantime.

Photo by Theodor Lundqvist on Unsplash

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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