Last year, the Republic of China noted significant developments in blockchain technology, especially after the official endorsement by President Xi Jinping. In fact, Chinese banks were among the major players, trying to meet up with recent trends using blockchain.

According to<a href="http://m.01caijing.com/article/256185.htm"> data</a> by 01 Caijing, a Shanghai-based internet finance research company; a total of 15 Chinese banks applied for blockchain technology-related patents in 2019. 

The top three banks with the highest number of patent applications include Wezhong Bank, Industrial and Commercial Bank of China, and Bank of China.

Wezhong Bank filed a total of 288 patent applications, followed by the Industrial and Commercial Bank of China with 50 applications. The Bank of China secured third place with a total of 40 patent applications.
<h2>The Case With Blockchain-related Patent Application</h2>
The complete blockchain-related patent application by Chinese firms, including the banks, summed to 433. Per the report, the new figure accounts for a 38-fold increase when compared to 11 cases 4 years ago.

The patent applications, however, do not relatively indicate commercial success in blockchain space. This is due to the fact that most patents filed remained in pending status. Also, some of the approved ones are not licensed for commercial use.

Aside from that, the development also shows China's commitment to establishing itself as the leader in blockchain developments. It's safe to say that President Xi Jinping's remark on blockchain technology triggered the move by several Chinese companies.

Meanwhile, despite the increasing interest of blockchain in China, the government is against cryptocurrencies. They place a ban on cryptocurrencies, looking forward to the launch of the digital Yuan.

In November 2019, Mu Changchun, the head of the People's Bank of China's digital currency research institute; said that the<a href="https://www.cryptoknowmics.com/crypto/central-bank-chinas-digital-currency-will-provide-anonymity/"> digital Yuan</a> is not after control of information belonging to the public. It aims to balance the authorities' need for information and privacy concerns.

Chinese Blockchain-related Patent Application Hits ATH in 2019; What Awaits 2020?

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Chinese Blockchain-related Patent Application Hits ATH in 2019; What Awaits 2020?

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