By Claire Barker ‑ October 9, 2018
Blockchain technology presents new avenues for digital information to be securely distributed and has the potential to transform many industries. Unsurprisingly, this has led to companies around the world looking to protect new blockchain innovation.
2017 World Intellectual Property Organisation (WIPO) data confirmed the highest number of patent filings for blockchain technology came from China, with the country filing 225 related patents compared to America’s 91 and Australia’s 13. Chinese multinational conglomerate Alibaba has filed more blockchain related patents than any other company. Alibaba’s closest competitor in the area were IBM, Mastercard, Bank of America and People's Bank of China (PBoC).
Blockchain: the future of technology
Blockchain refers to a unique way to store data. Often described as a ‘distributed ledger’, blockchain technology stores and distributes data across an entire computer network. Its purpose is to provide an accurate digital trail of transactions to ensure easy verification.
Despite China’s leadership in blockchain, the country has a well-documented hostility towards cryptocurrencies. In early 2018 China issued a total ban on cyptocurrency trading and fundraising. Regardless, Chinese authorities remain receptive to blockchain technology. Recently Chinese President Xi Jinping described blockchain technology as “one of a new generation of technologies that is substantially reshaping the global economic structure.”
A smart business move
It has been some time since a new technology has received the hype that Blockchain has. The technology could be applied to any industry where there is a need for a trusted record of transactions. Blockchain technology provides new tools for authentication and authorisation – reducing the need for centralised administrators and enabling the creation of new digital relationships.
The volume of patent filings in the area adds credibility to the potential of blockchain. Serious businesses are realising that having significant IP territory in blockchain could prove to be incredibly profitable in the medium to longer term.
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