China’s National Intellectual Property Administration (NIPA) will continue to clarify procedures for patent applications, which could be effective from February 1. NIPA announced a set of guidelines at the end of December as the new patent application system for emerging innovation in blockchain, artificial intelligence, business rules and <a href="https://www.cryptoknowmics.com/crypto/bank-of-korea-recruiting-experts-for-cbdc-research/">methodology</a> as well as big data.

One instance of the new guidelines is a means for securing communication across blockchain nodes. The guidelines propose that blockchain node communication methods and device solves the limitations of the nodes leaking privacy data during intercommunication. The guidelines read: 
<blockquote>“Before a business node in a blockchain establishes a communication connection-; it can determine whether to establish a communication connection;  according to the CA certificate carried in the communication request and a pre-configured CA trust list. This reduces the possibility of business nodes leaking private data and improves the security of data stored in the blockchain.”</blockquote>
Possibly, the revised guidelines are a direct response to the upcoming industries in blockchain and AI. As much as protecting innovation, this reflects China’s strategic direction towards intellectual property and patent application meant to be the basis of the anticipated digital renminbi.
<h2>China Paves Way For its Central Bank Digital Currency</h2>
Part of China’s preparation for the Central Bank Digital Currency involved implementation of several laws governing cryptographic password management.  

Meanwhile, the standing committee of China’s National People’s Congress passed several cryptocurrency legislations at the end of October 2019. Nonetheless, the legislation implemented passwords into three distinct divisions-; common passwords, commercial passwords and passwords. 

All meant to streamline China’s overall transition to blockchain technology.  It is important to note that China’s Central Bank Digital Currency does not need any monetary reserve in fiat like with Libra. In fact, <a href="https://www.businessinsider.com/facebook-libra-chief-david-marcus-defends-cryptocurrency-2019-10">David Marcus (Libra’s Head)</a> thinks that the Digital Renminbi wins in the front of digital stablecoins.

China Streamlining its Blockchain Patent Application Procedure

China’s National Intellectual Property Administration (NIPA) will continue to clarify procedures for patent applications, which could be effectivey...

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

China Streamlining its Blockchain Patent Application Procedure

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