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Blockchain utilization is continuously rising in various countries across the world, a recent report revealed. It outlined that US-based companies have been awarded the most substantial number of patents for blockchain endeavors, but the Chinese multinational giant Alibaba is the single entity to receive the most.
Blockchain Patents Across The Map
The report from the China Patent Protection Association (CPPA) examined data from 2014 to the middle of 2020 regarding the number of blockchain patents awarded worldwide. The paper informed that 3,924 such authorizations had been provided for the past six years.
As seen on the graph above, the start was rather sluggish. During the first two years of tracking this data, the number of blockchain-related patents was only 10. 2016 and 2017 showed some revitalization, but the most significant breakthrough came in 2019 with 1,799 authorizations.
It’s worth noting that despite the lower number so far this year, the report indicated that 2020 is on track to break the record. As such, the paper concluded that “from the trends above, it is not difficult to see that the innovation, research, and patent layout in the field of blockchain is hot and the development speed is fast.”
By separating the data into countries, the document highlighted three major nations that have received the most patents. The leader is the United States, accounting for 39%, South Korea follows with 21%, and China takes the third spot with 19%.
Nevertheless, the most populated nation has demonstrated the most significant increase of such patents in the past year, since President Xi Jinping said that the country should invest more in blockchain.
Companies With Most DLT Patents
The CPPA also specified which single companies have received the highest number of blockchain-related authorizations. The undisputed leader, the paper continued, is the Chinese tech company Alibaba with 212.
The giant has demonstrated serious interest in various blockchain operations and was recently included in China’s newly formed National Blockchain Committee. Additionally, reports attest that Alibaba is also partnering with other massive entities such as China Merchants Bank, Tencent, and Huawei to develop the country’s upcoming central bank digital currency (CBDC).
The other two companies that have triple-digit numbers of blockchain patents, according to the report, are the US multinational giant IBM and the Chinese DLT company Coinplug.
Other worth mentioning large firms in the top ten include Bank of America (49) and MasterCard (42).