“Major countries are accelerating the development of blockchain technology and it solves the shortcomings of centralized systems,” says Wei Yang, a partner at Jadong IP Law Firm in Beijing. “It has technical characteristics such as data traceability, non-tampering, and automatic execution of smart contracts, that can be used to establish a strong trust relationship and value transmission network, and plays an important role in data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building trustable systems.”
“Blockchain technology can be deeply integrated into traditional industries, which can then improve industrial efficiency and provide more intelligent, convenient, and better-quality public services,” Yang says. “Facing such a technology which has a wide range of applications, companies are actively developing blockchain application technologies, and with increasing patent awareness, they will inevitably carry out patent layouts to seize opportunities in the new round of technology competition and meanwhile, to earn profit or protect against external IP risks by patent sales, licensing or litigation in the future.”
“In China, blockchain technology has risen to a national strategic level,” she says. “The country has made it clear that it will take blockchain as an important breakthrough for independent innovations of core technologies, and accelerate the development of blockchain technology and industrial innovation.”
“Some provinces and cities have introduced preferential policies to encourage the development of blockchain technology, for example, by building a blockchain industry base, introducing and cultivating blockchain companies with core technologies and senior talents, constructing key laboratories and application centres, strengthening application and promotion of blockchain technology in industry system solutions, rewarding outstanding projects in the blockchain field, and providing training subsidies or other innovation support,” she adds.