84% of all applications in the world were registered in the country

China becomes leader in the number of blockchain-related patents

24.09.2022 - 06:45

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1 min

What’s new? China accounts for 84% of all blockchain-related patent applications in the world, according to the country’s officials. According to Cointelegraph, only 19% of these applications received the approval of the authorities. Notably, the country avoids the cryptocurrency market in any way, but it has been promoting the use of such technologies for years.

Material by Cointelegraph

More details about the situation. In 2019, Chinese President Xi Jinping urged citizens, tech companies, and other stakeholders to actively engage and innovate with the nascent technologies as they will play a key role in the next industrial revolution.

As Cointelegraph previously reported, Chinese companies had filed 4435 blockchain patents in 2020 within one year of the president’s call to grow the industry. From 2015 to 2021, China accounted for roughly 60% of the world’s blockchain patent applications, followed by the United States and South Korea.

Meanwhile, the country’s central bank continues to actively develop the digital yuan. In 2022, the spheres of use cases of the state cryptocurrency have also significantly expanded, the latest of which relates to the public transportation sector. In August, the operator of the subway system in Ningbo, located in the eastern province of Zhejiang, began accepting digital yuan payments, and Guangzhou authorities allowed bus passengers to buy tickets using the state’s digital currency.

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