China has stayed out of the cryptocurrency market. However, the Chinese government has backed the underlying blockchain technology. Over the years, the government has actively promoted the use of blockchain technology, therefore the high percentage of blockchain patents is not surprising.
President Xi Jinping has also played a key role in supporting the nascent blockchain technology. In 2019, the President urged citizens, tech businesses, and ecosystem stakeholders to actively participate in and innovate with emerging technology. According to the President, it will play a crucial role in the future of the next industrial revolution.
As CoinGabbar earlier reported, Chinese companies submitted 4,435 blockchain patents within one year of President Xi Jinping's backing of the industry. According to a different report, from 2015 to June 2021, China accounted for nearly 60% of the world's blockchain patent applications, followed by the United States and South Korea.
Wang Jianwei, deputy director of the Ministry of Industry and Information Technology, announced the figure on Tuesday. However, the figures did not specify when these patent applications were filed.
While China has the highest blockchain patent applications, the approval rate is extremely low, with just 19% of total submitted applications being accepted.
Another thing to keep in mind is that China is not big on decentralization, which is the foundation of blockchain technology. This was obvious in the development of the country's digital Yuan. The central bank created the digital national currency on a curated form of a blockchain with complete control over its operation. Also, it didn’t utilize the traditional distributed network technique.