China’s e-commerce firm has applied for 200 blockchain patents

China’s e-commerce firm has applied for 200 blockchain patents

Chinese e-commerce giant has applied for over 200 blockchain patents, a report by the Securities Daily revealed. The company, also known as Jingdong and formerly as 360Buy, is one of the leading blockchain patents applicants in the world. The report also revealed that China has continued leading the world in blockchain applications, accounting for close to half of all the blockchain patent applications., which is the world’s third-largest internet company after Amazon and Google, revealed its blockchain endeavors during the National Science and Technology Week. Making the information public for the first time, the company stated that the patents cover diverse areas including product quality, traceability, credit network, value innovation, digital deposit certification and more.

And yet, even with over 200 applications, isn’t the leading patents applicant in China. Internet and financial services giant Alibaba leads the pack with 262 applications. The company is ranked second globally in that regard. Other internet giants in China haven’t lagged behind either. Entertainment and gaming giant Tencent has 80, while search engine giant Baidu has 50.

The blockchain patent game is only heating up, one expert told the publication. Wu Sijin, who serves as the CEO of Hangzhou Fuzamei Technologies, believes that this is because the value of blockchain technology is becoming increasingly recognized. The patents are especially important for small and medium sized companies to acquire, he added. This is because not only do they protect the copyrights for the company, but also enhance the company’s brand image.

China has held on to its position as the blockchain patents hub globally ever since taking over from the United States. According to the report, the country had 4,435 blockchain patent applications between 2013 and 2018. This accounted for 48% of all he patents during that period, a proof of the country’s dominance. In comparison, the U.S had 1,833 applications which accounted for 21% of the overall applications. Canada, Japan, South Korea, the U.K., and Australia were some of the other notable players in the field.

2018 was the peak year for blockchain patent approvals, a recent report by The Next Web revealed. Over 1,050 applications were approved globally. The report recognized Dr. Craig Wright and Yao Qian, the director of the People’s Bank of China Digital Currency Research Institute, as some of the most prolific individuals in the field. nChain was also recognized as the leading patent applicant, leading the pack in 2019 already with over 50 applications so far.

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