China was once a pioneer in the crypto business. As the country included a number of crypto-related platforms, the market thrived. Unfortunately, the government didn’t seem to warm up to the level of decentralization the crypto industry offered. That’s why all things that were crypto were forbidden out of the country. Despite this, the region seemed to be the underlying technology of cryptocurrencyblockchain.
According to recent information shared by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology, China has brought with it the most blockchain patent applications filed around the world. It was noted that China accounted for 84 percent of all blockchain patent applications.
In addition, Wang Jianwei pointed to the importance of blockchain technology. While China has made its stance on cryptocurrencies clear, Jianwei believes,
“…blockchain technology is accelerating integration with the economy, people’s livelihood services, smart cities and administrative services.”
However, it should be noted that the time frame of the above percentage was secret. A study by research tank 01Caijing and patent consultancy PatSnap found that from 2015 to June 2021, China accounted for approximately 60% of all blockchain patent applications worldwide.
In addition, only 19 percent of Chinese applications from this party received a green signal. The US was in second place, but the approval rate was 26 percent. South Korea took the third position, but the approval rate was 43 percent.
Will the Chinese government accept blockchain technology?
China has shown disinterest in the crypto verse time and again. However, Xi Jinping, the country’s president, revealed that blockchain technology would play a critical role “in the next round of technological innovation and industrial transformation.” Unfortunately, this did not include all blockchains
Consent blockchains were mostly frowned upon. It should be noted that blockchains must be registered with the Chinese Cyberspace Administration without permission.
In addition, the country has used blockchain technology to disable crypto. State Supported Blockchain Service Network [BSN] has reportedly been working on removing crypto from its network.
China has spoken out about its hostility to crypto, but blockchain may still have a chance to thrive in the region.