Chinese e-commerce giant JD.com has filed more than 200 blockchain patents, according to a Securities Daily report. The company, also known as Jingdong and formerly 360Buy, is one of the world’s leading blockchain patent applicants. The report also revealed that China continues to dominate the global blockchain application market, accounting for nearly half of blockchain patent applications.
JD.com, the world’s third-largest Internet company after Amazon and Google, revealed its blockchain efforts during National Science and Technology Week.
By making the information public for the first time, the company said the patents covered various areas, including product quality, traceability, credit network, value innovation, digital deposit certification, and so on.
And yet, even with more than 200 applications, JD.com is not the main patent applicant in China. Internet and financial services giant Alibaba leads with 262 applications. The company ranks second in the world in this respect. Other Internet giants in China are not left out. The entertainment giant and Tencent games account for 80, while the giant search engine Baidu has 50.
The blockchain patent game is just beginning, said an expert at the publication, according to an expert. Wu Sijin, who is the CEO of Hangzhou Fuzamei Technologies, believes this is due to the growing value of blockchain technology. Patents are particularly important for small and medium-sized businesses to acquire, he added. Not only do they protect the company’s copyrights, they also reinforce the brand image of the company.
China has maintained its position as the world’s blockchain patent hub since it took over from the United States. According to the report, the country had 4,435 blockchain patent applications between 2013 and 2018.
This represented 48% of all patents during this period, evidence of the country’s dominance. In comparison, the United States had 1,833 applications, or 21% of total applications. Canada, Japan, South Korea, the United Kingdom and Australia were some of the other notable players in the field.
The year 2018 was the peak year for blockchain patent approval, according to a recent report from The Next Web. More than 1,050 applications have been approved worldwide. The report acknowledged Dr. Craig Wright and Dr. Yao Qian, director of the Digital Currency Research Institute of the People’s Bank of China, as one of the most prolific people in the field. nChain has also been recognized as the leading patent applicant, with already more than 50 applications already in the lead in 2019.