According to a new report from the China Patent Protection Association, the Chinese multinational Alibaba leads the world in patents awarded for blockchain-related technology. The 2020 Blockchain Global Patent Authorisation Report shows that there are 3924 awarded patents for blockchain tech to date. US firms account for the lion’s share of awarded patents, at 39%, Korea has 21%, while China comes in at 19%. The Chinese e-commerce giant Alibaba leads the field of individual firms with the most patents.
Alibaba has 212 blockchain-related patents to its name.
The Chinese e-commerce giant Alibaba leads the field of individual firms with the most patents on its name, with 212 awarded blockchain patents, while IBM has 136. South Korea’s Coinplug comes in third for patents granted with 107 in total. China’s other web giant, Tencent, has 42 blockchain-related patents to its name. This year is set to break records for the most number of blockchain patents granted on an annual basis. In 2019 there were 1799 patents awarded, while as of May 14, 2020, there were 1257 confirmed by patent offices around the world. 126 of Alibaba’s 212 China-awarded patents have also been confirmed in the United States. 80 of IBM’s US-granted patents have also been confirmed in China. Overall, 59% of all blockchain patents awarded in China also have a parallel award in an overseas jurisdiction.
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The blockchain technology that underpins most cryptocurrencies is currently being used in many fields around the world. The use of blockchain technology is being expanded to new fields. Blockchain technology reduces the need for paperwork as it provides distributed ledger technology that is secure and safe. Earlier, one of the world’s largest mining companies, BHP Group, announced that it had completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies.