China’s Dominance in Crypto World: Alibaba Claims Over 10% of Globe’s Blockchain Patents

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China’s endless determination to control the evolution of the global blockchain industry has been pronounced by an update that Alibaba Group Holding alone claimed more than 10% of all blockchain patents worldwide in 2017.

Intellectual Property Rights Champions

A survey conducted by Thomson reuters depicts that 56% of all 406 blockchain patents distributed in 2017 were from China, with the United States being a finalist with 22%. Powered by the rapid increase in blockchain patent filings from 134 in 2016 to 406 in 2017, the information describes underground competition for intellectual property rights that China is obviously leading.

Nikkel’s Asian assessment points out that of the 406 blockchain patents distributed in 2017, Alibaba single-handedly filed 43 of them. Other Chinese tech companies – Tencent and Baidu – also top the list of blockchain patent holders.

In terms of the total number of blockchain patents filed, the United States is still the leader, but China is closing the gap and, on an annual basis, China is essentially the best.

China’s blockchain preference for crypto

China is seeing an atmosphere conducive to government aggression against cryptocurrencies and ICOs, having drafted a comprehensive restriction on all crypto businesses and ICO fundraising in early 2017. Since the start of the implementation of the restriction, additional limits and online eliminations have become common in an attempt. to impose bans.

Alibaba megaprojects

Recently, the Wuchang Municipality of China’s Heilongjiang Province ventured into a blockchain collaboration with the junior branches of Alibaba. Ant Financial and Alipay– with the aim of controlling food fraud and preserving customer confidence.

Wuchang Municipality is well known for its rice products of exceptional quality, but a recent wave of counterfeits has reduced customer confidence and condensed farmers’ incomes. This collaboration provides an Internet of Things (IoT) tracking invention and blockchain technology, certifying that every package of Wuchang rice traded on Alibaba’s Tmall site has an obvious supply chain for customers through a QR code.

In addition, Alibaba Group Holding is also launching similar anti-counterfeiting projects in Australia and New Zealand.

Disclaimer: The information on this site is provided for discussion purposes only and should not be misinterpreted as investment advice. This information does not in any way constitute a recommendation to buy or sell securities.

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