Since the invention of Bitcoin, the words “Blockchain” and “Cryptocurrency” have dominated many sectors, with many people often confusing them. Though is widely acknowledged that acceptance of blockchain directly infers the reception of cryptocurrencies, China embraces a distinct strategy, with its inventors determined to drive the invention of blockchain technologies, while obstructing the approval of cryptocurrencies at the same time.
Alibaba’s Dominancy of Blockchain Patents
The Asia Nikkei Review reports that Chinese tech companies are dominating the blockchain-based patent race, with Alibaba alone filing over 10% of the world’s blockchain patent uses. China’s obsession with blockchain invention has apparently been embraced in every sector of its economy, with internet giants like Tencent and Baidu owning 56% of the 406 global patents available.
The United States follows, though with a wide gap, with 22% of blockchain patents.
According to a chart from the Nikkei Report, the People’s Bank of China leads by 68% in terms of the most decentralized ledger technology patents. Alibaba comes second, followed by the Bank of America, nChain Holdings, Beijing Rui Josie Technology Development, Mastercard and the list continues.
The Chinese blockchain companies have exploited a variety of sectors where they are applying the decentralized ledger technology, like the supply chain management, international financial transactions, and healthcare.
Alibaba’s Blockchain Approach
Alibaba has applied blockchain technology in various industries handing it more financial muscles. Its co-founder, Jack Ma, is well known for endorsing the decentralized ledger technology by suggesting that it can assist solve security, sustainability and inclusion issues.
Recently, the company launched a collaboration with the Changzhou city to substantiate and “secure” health records on a blockchain.
Although China is a world champion in the blockchain revolution, the Chinese authorities are cautious to fully sanction the cryptocurrencies revolution now.