China’s desire to rule over the emerging blockchain technology has proved unstoppable as Alibaba Group Holding alone, filed more than 10 percent of all blockchain patents worldwide in 2017.
The research was conducted by Thomson Reuters and it proves that that 56% of all 406 blockchain patents issued around the world in 2017 came from China, while the world power (United States) came 2nd with only 22% contribution to the blockchain patents, worldwide.
The research also stated the fact that there were only 134 blockchain patent filings in 2016 which later rose to 406 blockchain patent filings by 2017. Out of the 406 blockchain patents, Alibaba alone filed 43, while other Chinese tech giants like Tencent and Baidu followed suit in the ranking.
Although, U.S. still stands as the frontrunner when it comes to the overall number of blockchain patents filed, but its counterpart (China) is gradually closing the gap on an annual level.