Lexology: Research in blockchain technology continues to expand with Chinese companies dominating the number of patents filed for applications in 2020.
Blockchain technology has been used in financial technology, the Internet of Things (IoT), digital property, domain name registry, and supply chain management.
Chinese Companies Lead Blockchain Patent Filings for 2020
In a bid to increase development in the blockchain industry, Chinese President Xi Jinping encouraged Chinese companies to intensify their blockchain-related projects. Blockchain research can require establishment of funding programs that can help small companies pursue promising projects, and local companies in China that cannot finance their own research on blockchain can tap into a $1.6-billion fund available for startups. The Xiong’An Global Blockchain Innovation Fund is partly funded by the city of Hangzhou. Innovators that want to avail of the funding can also set-up their businesses in the Blockchain Industry Park in Hangzhou.
The President’s endorsement, as well as the availability of public funds for blockchain-related projects, has been productive as it resulted in an increase in the filing of blockchain patents by Chinese companies in 2020. Read More