China’s response to Blockchain technology has been impressive, now the nation has managed to outperform the rest of the world in terms of patent applications for related technology.
Some experts have observed the connection between the commercial war between the United States and China with the positive adoption of Blockchain technology. After disconnecting with their largest trading partner, Chinese companies have sought new opportunities with a base in Blockchain technology to help increase their self-sufficiency.
Which could explain the fact that patent applications on Blockchain technology have skyrocketed in recent years from China, with a cumulative count of approximately 7,600 applications between 2009 and 2018. The above represents approximately three times more than Americans and , it is worth noting that, they represent more than 60 percent of the total of five countries.
On the other hand, it is worth noting that, from 2013 to December 20, 2018, China applied for 4,435 patents related to Blockchain technology, which represents 48% of the total patents in said technology, while the US. UU. applied for 1,833 patents, which represents 21%. Making it very clear that China takes the lead to the United States.
Also, the Chinese e-commerce giant, Alibaba Group Holding, topped the ranking of corporate applicants compiled by the NGB of Japan based on data provided by Innography, with 512 applications. In fact, just today we notified that Alibaba would have used Blockchain technology to break the sales record on the Single Day held in China.
And, it is not only private companies that have decided to turn to technology, the People’s Bank of China itself has established a cryptocurrency research laboratory, which is developing new technologies.
Proof of this is the estimates of International Data Corp., who have reported that the global Blockchain solutions market may be able to reach almost $15.9 billion in 2023, which represents approximately six times more than in 2019. Thus, According to research, 30 percent of spending is expected to be concentrated in the financial sector and more than 20 percent in manufacturing, a sector in which Blockchain technology is considered to make processes much more efficient.
The China Blockchain Development Report (2019) detailed:
“The rapid growth in the number of patents in China’s blockchains not only represents the emphasis and promotion of Blockchain technology in China, but also indicates that China will have a greater international influence in that sector.”
It is clear how, with a recent promise towards Blockchain technology, the country is determined to press further to gain an advantage in the technological arms race. And the feeling is that the United States seems to remain hands-on while the Blockchain ship sails, being sailed by China.
Although USA UU seems not to be employed any effort to advance in technology, some experts believe that the trade war has only favored China. In this way, Ben Harburg, managing partner of MSA Capital, explained to CNBC that the commercial war has forced Chinese companies to innovate and diversify faster than they had planned, which seems to be yielding positive results.