Major Multinationals Filed 212 Blockchain Patents in China
By Luke Flowers – Cryptocurrency Speculator
China has been a strong focus for blockchain patents and developments of recent times with the potential to attract major multinationals. In between the years of 2017 and 2019, The National Intellectual Property Administration of China awarded 2,191 blockchain patents. 35 major companies including Microsoft, Mastercard, Intel, Walmart, and Sony applied for blockchain patents, totaling 212 patents filed by the end of March 2020 by these alone.
Mastercard tops the list, currently holding 46 blockchain related patents in China. No information has been released about a new business within China, but these could be used to assist with their global blockchain payments initiative.
Following Mastercard come Nokia with 13, Intel with 12, and Oracle with 9 blockchain patents. This is exciting news for blockchain and cryptocurrency as none of these large firms have started a blockchain related business in China, although this suggests their interest. This could mean new payment methods for people to buy cryptocurrency and buy Bitcoin as PayPal and Venmo are also looking to add Bitcoin compatibility.
Though many of these companies have taken out blockchain related patents, none have yet started a blockchain-related business within China. It could be said that these major companies are filing these patents in preparation for potential upcoming growth of the technology. This is just an early step in crypto compatibility and will be an interesting development for those who buy and sell cryptocurrency.
An astonishing fact is that Chinese companies are not interested in filing patents in the U.S., although U.S. companies are filing several blockchain patents in China. It was noticed that the overseas filers among 1.2million Chinese patent applications, was only 4.17%. On the contrary, U.S. overseas patent filed stand at 43% of 521,802 for the year 2016.