China Ranks First in Global Blockchain Patent Applications

Entrepreneurs in China are filing more blockchain patents than any nation on Earth, but only a fraction of those applications are being approved. According to Jianwei Wang, the deputy director at the Ministry of Industry and Information Technology, Chinese blockchain patents account for 84% of the world’s total. In an announcement subsequently reported by the South China Morning Post, Wang said that blockchain, “accelerates integration with the economy, services for people’s livelihoods, smart cities and administrative services”. Wang did not specify over what time period his 84% claim was measured, but his comments do align with a Statista report in Jan. which measured the distribution of global blockchain patents over 2021. Further data suggests that less of those approved patents go on to become successful products than in competitor nations such as the U.S. or South Korea.