Regards to the amount of patent applications in the blockchain sector, China has outpaced other countries in technology. Including the United States. Moreover,  2009 - 2018, Chinese firms submitted approximately 7,600 patent applications; - a size as big three times those in the USA.
<h2>A total of 12,000 <a href="https://www.cryptoknowmics.com/crypto/chinese-blockchain-firms-outpace-us-with-7600-patent-applications/">blockchain patent</a> applications</h2>
China accounted for over 60% blockchain-related patent applications from a total of five countries comprising the U.S, China, Japan, South Korea, and Germany. Who all submitted a total number of around 12,000 blockchain-related patent applications from 2018 to 2019. 
South Korea submitted around 1,150 applications within the same time frame. On the other hand, Japan submitted fewer than 380 applications. Chinese retail giant, Alibaba Group Holding led the front of corporate applicants with 512 applications.  United Kingdom’s nChain followed closely with 468, while technology solutions giant filed 248 patent applications. 
Meanwhile, a Chinese news program focusing on the report concluded that despite around 32,000 companies across China claiming to use blockchain technology; the reportedly real number is not even a meagre 10% of that. All the same, China is at the forefront of the blockchain industry in the world with the highest amount of blockchain enterprises after the United States.
Nevertheless, China’s President Xi Jinping called for the nation to accelerate blockchain adoption as a core innovation. The president insisted that the implementation of integrated blockchain innovation would promote technological advancement in transforming multiple industries. 
<h2>China: First Nation to Issue Digital Currency</h2>
Meanwhile, Proof of Capital partner Edith Cheung expressed her belief in China deploying its new digital currency within the next approaching months.  Edith affirmed that foreign powers would certainly respond to China’s move as the first country to issue a <a href="https://www.theguardian.com/business/2019/nov/11/chinese-digital-currency-facebook-libra">state-owned digital coin</a>. She added:
“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.”

Chinese  Blockchain Firms Outpace US with 7,600 Patent Applications

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.

Chinese Blockchain Firms Outpace US with 7,600 Patent Applications

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