China accounts for 84% of all blockchain technology patents

According to the data published by the Chinese government, 84% of all blockchain patents are filed by the Chinese — for several years, China has been promoting the use of Web3 technologies, so such a large percentage of patents is natural.

According to the South China Morning Post, although China has the largest number of blockchain patent applications, the approval rate is much lower: only 19% of the total number of applications filed are approved for further operation. The most common reason for this is non-compliance with the established rules on the use of Web3 technologies.

As for those who did manage to obtain a patent for the development of blockchain-based technology, it is the Chinese tech giant Tencent. The developers will create a database to help search for missing persons. As explained by the authors of the idea, the data will be constantly updated, and each new request to search for a missing person will be carefully checked. After passing the verification, the message about the missing person will be broadcast on all available channels for searching for people.

In addition to creating platforms based on blockchain technologies, China is actively working on the introduction of a national cryptocurrency. A few days ago, the deputy governor of the National Bank of China, Fan Yifei, announced the country’s plans to expand the pilot testing of the national cryptocurrency e-CNY in four provinces: Guangdong, Jiangsu, Hebei, and Sichuan. According to him, the CBRC is going to continue research in this area and the organization is now satisfied with the results of the work done. The e-CNY cryptocurrency will become available to more than 360 million Chinese citizens.