China has suggested that they will introduce Blockchain technology into their industry and the way of living. The Chinese premier president Xi Jinping have announced the recent support for the introduction of Blockchain Technology and this will surely mean that China is all set to overtake the United States in the field of Blockchain development and innovation. Patent researchers and the scientists have suggested that the China is winning and already ahead of the United States in terms Intellectual property rights. Looking at the no of patents in Blockchain given by the United States patent office and China’s patent office the number are far higher when granting the patents to blockchain. During this period CNIPA awarded 2,218 blockchain patents compared to 227 given and recognized by the USTPO. The difference between the patents being offered by the U.S. and China patent offices is slightly misleading and dyslexic. The CNIPA has awarded 40 blockchain to global multinational corporation based in the USA.
Image Source: knowledge.wharton.upenn.edu
The company that has been awarded blockchain related patents are IBM, Goldman Sachs, Intel, JP Morgan, Mastercard, Visa and Microsoft. On other hand USTPO has not awarded any global patent to any of the Chinese organizations. According to the study done by the Federal Reserve Bank of the St Louis 4.17% of the 1.2 million Chinese patents applications were filed overseas in 2016 whereas 50 % of the United States patents were filed overseas. Perhaps U.S. organizations worry about protecting their intellectual property and patentability overseas than their Chinese counterpart who seems to be less bothered about the development.
In case of the total turnover time or TAT the Chinese patent office expedited the entire patent process more quickly than their USTPO or the United States patent offices. The Chinese offices take just around six months on average starting from patent filing to acceptance compared to 20 months in the United States.
Source: Coin Telegraph
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