As per a new report, China and USA are leading the global blockchain application drive with its major financial and technological firms pushing with patents.
The research paper released recently by iPR daily, intellectual property specialists, stated clearly that Alibaba, Retail giant is at the top of the list with 90 patent applications on blockchain applications.
The source of this data as per iPR daily is the consolidated information from countries like China, USA, Europe, Japan, South Korea and also from World Intellectual Property Organization.
Interestingly, People’s Bank of China (PBoC) makes a surprising entry as a mainstream national bank to make a mark in blockchain adoption with 44 patents.
In June this year, People’s Bank of China (PBoC) had a cryptocurrency namely Lab, filed over 40 patent applications in just 12 months since its launch. Each patent is called as an attempt to combine the digital currency with the country’s existing fiscal system.
Other notable mentions in the list are Tencent, Accenture, Ping An Insurance, Bitmain, Intel, Visa, Sony, Google.
The report is crucial in timing since the market is watching a few patents resulting in actual real-world applications.
Exemplifying that, Alibaba recently announced a payment systems, based on a distributed network to settle financial transactions for Hongkong and Philippines residents.
Walmart on the other hand filed a patent for a blockchain based verification system for autonomous robots and drones which would be part of their supply chain management.