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16 April 2020
Thirty-five multinational firms filed applications for 212 blockchain patents in China as of the end of March 2020. Among these multinationals were Mastercard, Microsoft, Walmart, Intel, Oracle, Nokia and Sony.
Of these multinational companies, Mastercard owns the highest number of blockchain patents in China with 46. Most of these patents are for payment methods, payment software and payment security.
The third leading blockchain innovator in the world, the New York-based payment solutions provider has a total of 100 blockchain patents filed. In late 2019, the company announced its partnership with blockchain software firm R3 for the creation of a cross-border payments platform that will run on blockchain.
Nokia is a far second in the list with 13 blockchain patents followed by Intel with 12. Oracle has the fourth highest number with 9 patents.
These global brands may have been active in applying for blockchain patents in China. Yet, none of them has opened a blockchain-related venture in the country which recently toppled the United States as the leading international patent filer in the world.
Chinese companies have also been found to be less active in filing for patents in the US. A study by the Federal Reserve Bank of Saint Louis showed that of the 1.2 million patent applications filed by Chinese firms, only 4.17 percent were filed overseas in 2016. Meanwhile, of the 521,802 US patent applications, 43 percent were filed overseas.
On October 24, 2019, Chinese President Xi Jinping expressed his support for blockchain technology by rallying the country’s tech sector to step up efforts for blockchain adoption.
In early 2020, the National Intellectual Property Administration of China changed its guidelines for patent application filings. The move was specifically directed for blockchain technology and other modern technologies.
(With reports from Cointelegraph and Global Times)
Espie Angelica A. de Leon
