China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official.China has steered clear of the cryptocurrency market.
However, the Beijing government has been supportive of the underlying blockchain technology. The country has actively promoted the use of blockchain tech over the years, and thus the high percentage of blockchain patents isn’t surprising.President Xi Jinping has also played a key role in promoting the nascent blockchain technology.
In 2019, the President called upon citizens, tech companies and stakeholders of the ecosystem to actively participate and innovate with the nascent tech as it would play a key role in the future of the next industrial revolution.
As Cointelegraph reported earlier, Chinese companies had filed 4,435 blockchain patents within one year of President Xi Jinping’s endorsement of the industry.Read more on cointelegraph.com