Some of the prominent companies to have been filed with the Blockchain patents.

Intro

It is to be clearly understood that Science and technology is the engine of prosperity. In simple terms, the life of an average human being would have been highly challenging without the inventions as well as research work was done by the scientist in the research and development field. So in the field of blockchain Technology where it transforms most of the working mechanisms in various fields, Blockchain research and development is on rise and many new research papers are being submitted with respect to blockchain technology. A number of companies are competing with each other and are striving really hard in order to test the Blockchain Technology in various domains. The top companies in the world are opting for blockchain technology and are filing Blockchain patents.

What are Blockchain patents?

A patent can be defined as an official license issued by the government with respect to a person regarding his invention in order to restrict other personnel to use his invention or intellectual property without his permission. Due to extensive Blockchain research and development in countries like China, USA, etc, a number of Blockchain patents have been filed, by the business operations of these countries. Two of the most prominent ones in the list is of China’s Alibaba and USA’s IBM. According to reports, by an Intellectual Property Right based media outlet, iPR daily, IBM, as well as Alibaba, stands at 1st and 2nd position in the list of highest number of Blockchain patents filed across the globe.

Companies with the highest number of Blockchain patents

China in some or other way is leading the blockchain innovation with Alibaba filing over 90 Blockchain patents. The second position in the highest number of Blockchain patents is filed by IBM, which has filed 89 Blockchain patents. The list is then followed by Mastercard, Bank of America, People’s Bank of China, etc who have filed almost 80, 53, and 44 blockchain patents respectively. It is absolutely worth mentioning that People’s Bank Of China is one among the only Central Bank which has taken a decision to initiate their own cryptocurrency for better transactional efficiency within their ecosystem and as an indirect consequence of which has resulted in them to file 44 blockchain patents.

According to reports it is also estimated that China is leading in terms of Blockchain innovation, and almost 225 blockchain patents have been filed in the year 2017 across the world by China, whereas America has filed only 91 and Australia’s blockchain patents accounting to 13 only.

How is China-based company topping the list?

It is to be noted that a Chinese company is leading the Blockchain innovation, ironically, the country which has taken a firm stance to ban the cryptocurrencies in the country. Therefore it can be clearly we realized that the blockchain innovation, as well as research, is greatly being supported by Jack Ma, the CEO of Alibaba Group. Without his efforts and determination, the incorporation of blockchain Technology in their company would have been highly challenging. This is a clear inspiration to the people, where Jack ma has proved that if a single person has the determination to do accomplish something, then irrespective of the government’s decision regarding the Blockchain technology or cryptocurrencies, can take the company to the topmost position in terms of Blockchain patents.

Further insights into Jack ma on Cryptos

Jack Ma also clearly mentions that he possess very little knowledge about the cryptocurrencies and the Initial coin offerings, and their company is specifically vested only to explore the potentials of the Blockchain Technology. This attitude of the company’s CEO is also reflected in their ecosystem respectively. They even initiated a blockchain powered payment system in order to improvise the transactions between the citizens of Hong Kong and the Philippines.

Conclusion

Blockchain technology is one of the booming Technologies of the decade and the countries which are failing to understand its potential are missing out the bus, for which, they would absolutely be repenting in the future. Therefore, if the countries are open-minded enough to realize and understand the potential of the Blockchain technology with a fresh new perspective, then no authority can stop them from exploring the Blockchain patents and implement them within the working environment.