Chinese Firms Lead In Blockchain And AI Innovation

A survey by UHY Hacker Young reveals that Chinese firms filed the most patents for Blockchain and AI with the World Intellectual Property Organization (WIPO). The data is for the year 2017 but nonetheless, still illustrates the prevalence of Blockchain and AI in certain countries before and after 2017.

It is important to consider that China’s communist government is opposed to Cryptos. However, the Central Bank has been encouraging local businesses to embrace Blockchain technology for competitive purposes against regional and Western rivals as well as to keep the Chinese economy growing.

As expected, the US comes second as other tech hubs such as Australia, UK, South Korea, among other countries follow in each category.

Blockchain Patents Filing

In regards to Blockchain technology, China filed for 99 patents. It was closely followed by the US at 92 filings with Australia, the UK, and Canada closing the top five positions with 40, 34, and 27 patent filings respectively. Also, in the list, there is South Korea, Singapore, and India with 6, 4, and 3 patent applications respectively.

Specific firms that give China a 32% share of new global Blockchain patents are local firms. In the USA, IBM and the Bank of America are among the leading contributors in the ranking. In the UK, nChain- a Blockchain focused research firm with offices in Vancouver London, is the leader in DLT innovation.

Leaders In Artificial Intelligence

On the realm of Artificial Intelligence, China has a dominance of 31% having filed 473 out of the 649 patent applications with WIPO. The United States follows at a distant second with only 65 patent applications as South Korea closes the third rank at 41 patents filing.

Additionally, Australia, India, Canada, the UK, and Germany appear on the list with 14, 6, 5, 2, and 2 patents filing respectively.

The findings, however, raise concerns of accuracy especially as countries from the EU region are performing dismally. However, the UHY is clarifying that not all European companies file their reports with WIPO as there are available patent ratification bodies at the EU government level.

Interestingly, in-depth data analysis shows that a few Chines companies such as Baidu and Tencent are the global leading developers of AI technology. For example, Baidu filed 183 patents in that year alone.

Blockchain And AI Are Technologies Of The Future

One year down the line, Blockchain and Artificial intelligence technologies are becoming popular as more businesses adopt them to remain competitive. The difference between Blockchain technology and AI is that that DLT focuses on offering decentralized, secure, private, and anonymous platforms for businesses to operate as AI focuses in easing the workload on human resources by offering machine-based solutions. The two technologies can be incorporated to offer hybrid networks that can support any industry need.

Patents that WIPO receives indicate the direction that the emerging industries are heading. Therefore, there exists a need to grow patents application according to a UHY Hacker Young Partner Andrew Snowdon who is calling on the UK government and other governments to homegrown companies to develop and file patents for Blockchain and AI.