China’s C-Bank Boasts Most Blockchain Patents in 2017

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China’s C-Bank Boasts Most Blockchain Patents in 2017

The People’s Bank of China (PBOC) has been recognized as the world’s leading patent holder for 2017 in the sector of blockchain-based technologies. This is according to a survey done by IPRdaily and incoPat, a patent database company from China.

Of all the blockchain patents, which have been filed globally, China accounted for the largest portion of 49%, followed by the United States which scored 33%. Among the first organizations that filed their patents, the PBOC took most of the slots and had three of its branches taking top positions. Cumulatively, PBOC and itrs branches submitted a total of 68 patents related to blockchain technology.

Apart from the PBOC and its branches, the second largest Chinese company to submit its patents related to blockchain technology is Alibaba. The e-commerce giant had 43 entries.

The digital currency research institute, of the branches of the bank has developed an ambitious goal of setting up a cryptocurrency ecosystem. This was announced by the director Yao Qian in a talk he gave late last year.

If this was meant to imply that the bank intends to start issuing its own cryptocurrency, it could be a good explanation of why the China was determined to clamp down on free Bitcoin trade.

Away from its digital currency plans, the Chinese central bank is yet to give any signs of what it intends to do with the patents which were filed last year.

In recent times however, the most notable projects have come from Carrefour and Walmart who have both set up their own blockchain-based frameworks to boost and enhance food safety and operational transparency for their customers. In both cases, customers from selected countries will use their mobile phones to establish the source and origin of their food stuffs as they browse. Some of the information that will be gathered through the mobile phone will be where the food was harvested, how it was transported, handled and stored.

By the fact that China’s PBOC filed many patents in 2017 is a clear indication that that bank has many major projects and plans, which will need blockchain technology in many sections of the country’s economy and industries.

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