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SHORT INSIGHTS
- Tencent and Alibaba are reported to have filed the most blockchain patent applications in the year 2019.
- Tencent and its affiliates had filed for 718 blockchain patents out of a total of over 5,800. Alibaba Group had filed 470, total accounting to over 20%.
- About 63% of firms and with over 20 blockchain patent filings are accounted to be based in China.
Chinese tech giants Tencent and Alibaba are reported to have filed the most blockchain patent applications in the year 2019, according to research conducted by The Block’s Steven Zheng.
About Tencent and Alibaba
Tencent, a Chinese tech giant founded in the year 1998 is a leading provider of Internet value-added services. Its mission is to enhance life quality through Internet services. The development of this tech has a profound influence on the aspect of communication of millions of Internet users. It has also brought to China’s Internet industry, the possibilities of a wider range of applications.
Whereas the other Chinese tech giant, Alibaba founded in the year 1999 specializes in e-commerce, retail, Internet, and technology. It provides consumer-to-consumer, business-to-consumer, and business-to-business sales services.
Report from Block about the filings of blockchain patents in the last year
According to a figure from the Block, Tencent and its affiliates had filed for 718 blockchain patents out of a total of over 5,800. On the other hand, Alibaba Group had filed 470, bringing the total to over 20% of the total. Patent activity indicates the rise in commercial interest in the technology with the Bitcoin investments perceived profits.
As per the figure, WeBank, Ruize Technology, and Ant Financial were the three others that followed after Tencent and Alibaba respectively. All of these three companies are also based in China.
ADDITIONAL OBSERVATIONS
About 63% of firms and with over 20 blockchain patent filings are accounted to be based in China, as an overall outcome. The U.S. is followed after China.
Although the year 2019 observed over 5,800 patent applications, it is worth bringing to notice that only 3% of patent applications were being granted that year.
