China Could Become the Leader in the Blockchain Patent Landscape

The Innovation Race

China is increasingly filing a large number of blockchain patents. The country has clamped down on cryptocurrencies, so their heavy activity in the blockchain patent landscape is significant.

The free market economy rewards enterprise and innovation by its very nature. Innovation creates wealth, and patents are important because they protect against unauthorized use of innovations. A high number of patents indicates a vibrant, creative landscape.

Countries with a high number of patents indicate a focus on innovation and technology in addition to showing that they respect the fundamentals of a free market. It’s also obvious that people and organizations there feel confident that their innovations will experience fair protection.

The US clearly leads the pack in terms of patents. The country also currently has the highest number of blockchain patents; however, that lead could be narrowing.

blockchain patent landscape
  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn
Image Credit: hbieser / Pixabay

In most technologies, the US regulatory framework promotes innovation. Blockchain-crypto startups face a different scenario because the country hasn’t firmed up regulations. Some state governments have supported crypto; however, federal regulators have taken a tough stance. In another example, the blockchain logistics start-up ShipChain received a cease-and-desist order. South Carolina state regulators have since overturned that order, signifying a degree of uncertainty.

Blockchain and cryptocurrencies are intertwined, so restricting crypto signals a negative view of the technology. Blockchain startups need assurance that regulators won’t restrict the technology. US regulators’ actions haven’t given such an assurance, therefore innovation is slowing down.

China is compartmentalizing far better.

Embracing Blockchain, Not Crypto

China is clamping down on cryptocurrencies. However, a large number of Chinese organizations are filing patents for blockchain innovations. China ranks second behind the US in total number of blockchain patent applications; however, in 2017 they filed many more patent applications than the US. China accounted for 56% of the 406 blockchain patent applications in that year, while the US only applied for 22%. It would seem that blockchain innovation is slowing down in the US and accelerating in China.

Chinese organizations are utilizing the technology for various use cases: supply chain management, global remittances, postal service, and healthcare are only a few. People’s Bank of China, the country’s central bank, has filed 68 blockchain patent applications to date. Alibaba, China’s second most valuable company, accounts for more than 10% of all blockchain patent applications.

Chinese internet giants like Tencent and Baidu have also filed many patent applications, further signalling the country’s strides in the blockchain patent landscape. Other prominent Chinese organizations with many patent applications include Beijing Rui Josie Technology Development, China United Network Communications, and Hangzhou Qulian Technology.

In China, the government is taking a keen interest in blockchain technology, while continuing to ban cryptocurrencies. The local government in charge of the country’s prestigious dream city project has identified blockchain use cases, choosing the Ethereum platform.

Businesses around the world are patenting their blockchain innovations. In the crypto space, Sony is developing a crypto-mining hardware solution, whereas Bank of America is trying to eliminate crypto exchange hacks. Elsewhere, UPS is upgrading their logistics with the blockchain technology, while Walmart will use it to manage smart homes.

  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

InstaSupply to Join Sweetbridge Alliance in Finance-Tech Partnership

Sweetbridge Alliance

A Move That Makes Sense

The global system Sweetbridge has announced that it has added InstaSupply to its Sweetbridge Alliance network of financing for supply chains, allowing it to resell Sweetbridge technologies officially.

The alliance will also mean that InstaSupply can provide these services more effectively than trade financing from traditional banking institutions.

“Sweetbridge’s blockchain liquidity protocol enables us to offer the most competitive supply chain finance solution to SME businesses,” said InstaSupply CEO Lee Pruit. “This is a massive differentiator compared to traditional financial institutions and incumbent technologies, and is a game-changer for us and the suppliers we work with.”

Sweetbridge chairman and founder Scott Nelson said that Pruit’s experience in business supply chains, along with InstaSupply’s vast customer network, made a combination with Sweetbridge’s Liquidity Protocol a sensible move. Nelson said the partnership will enable organizations to be paid instantly with improved terms and continue pushing for even better methods as time goes on.

Improving Services in Tandem

Sweetbridge is an international network of blockchain, finance, and software experts. The company describes itself as a platform dedicated to combining modern blockchain principles to the concrete factors of these industries. Its goal is to tackle the issues that make finance less efficient, such as legal technicalities and other problems.

InstaSupply Sweetbridge Alliance
  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn
Image Credit: InstaSupply/Twitter

Sweetbridge is known for improving transparency in worldwide supply chains. Now, it can take advantage of InstaSupply’s contributions to financing and digitizing the supply chains of midsize businesses using blockchain tech.

The two organizations are already known for their long-term efforts to lower the costs of capital and speed up suppliers’ payments cycles, as well as for their blockchain technologies. Both companies say that this is a sensible move toward furthering those goals.

InstaSupply is a software company whose purpose is to modernize business functions in a streamlined online platform. The company’s business-to-business customer network consists of companies ranging from $30 million to $2 billion in annual revenue. The company possesses a growing customer base and serves an international clientele of more than 2,300 businesses.

In addition to its resources, InstaSupply will now be an official reseller of Sweetbridge’s Liquidity Protocol. This will give InstaSupply the opportunity to settle supplier invoices instantly and authenticate them in real-time. Currently, the cloud-based company settles tens of millions of supplier transactions every year for its customers. This new partnership will allow InstaSupply to take advantage of Sweetbridge’s protocol technologies. This will provide companies and suppliers with access to capital at lower costs. They also can take advantage of improved terms, quicker response times, and better overall capability.

The companies in tandem will take on the Sweetbridge Alliance Network, as well as the Accord Project and Mattereum, network platforms managing the legalities of blockchain contracts. Nelson says they aim to continue to improve their combined services on these platforms to more effectively bring blockchain into the broader world of business.

  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn

MovieCoin Open Doors for Investing in Hollywood

MovieCoin could fund new Hollywood films.

MovieCoin Begins Public Pre-Sale

Last November, Christopher Woodrow, the producer of six Oscar-winning films, claimed that blockchain technology will disrupt Hollywood as it has other industries. He is one of the first people to become part of this disruption, launching a distributive-technology-based token named MovieCoin.

MovieCoin has begun its public presale for security and utility tokens. The firm expects to make about $470 million via the public presale, which follows a private presale capped at 2,000 Bitcoin (BTC).

During the public presale, the company will accept BTC, BKX, and Ethereum tokens with a minimum commitment set at 5 Bitcoins or equivalent and a hard cap of 10,000 BTC. Simultaneously, the firm will issue security and utility tokens during the presale: MovieCoin Smart Fund (MSF) Security Token and MovieCoin Utility Token (MOV).

MovieCoin logo
  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn
Image Credit: MovieCoin / movie.io

The company plans to make $220 million by selling two billion MovieCoin Utility Tokens at $0.11 per token and $250 million by selling 250 million MovieCoin Security Tokens at $1 per token. The company is offering an incentive to initial investors in MovieCoin Utility: a bonus up to 25% of the quantity purchased. The public presale will run until October 30 at midnight Pacific time.

The BKX tokens are issued by BANKEX, a global top-20 financial tech company working on Proof-of-Asset Protocol for MovieCoin. Since BKX tokens are a variation of the ERC-20 utility token linked with the blockchain of Ethereum, they will provide an extra 5% bonus rate.

MovieCoin’s Vision

MovieCoin is a next-gen fintech firm focusing on leveraging proprietary applications, digital assets, and blockchain technology to disrupt the film and entertainment industry, as well as become the leading entertainment transaction and settlement platform for consumers and businesses. It wants to become the standard currency for funding television, motion pictures, and other media.

Woodrow plans to use the raised funds for making movies. Tokens issued by MovieCoin can be traded in the secondary market, offering opportunities for investors to profit with film successes. After the public presale concludes, the company will sell public tokens from November 1 through 25 that require no minimum contribution.

In an interview with Bloomberg, Woodrow said, “We’re trying to revolutionize the way films are financed. Hollywood is relationship driven and what we bring to the equation is the ability to gain access to the highest levels of film finance. We’re in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin.”

MovieCoin says that its token-based financing system will provide a transparent ledger of everything that goes into financing each film project. Since tokens are infinitely divisible, they will be highly liquid as compared to other investments. There are also plans to sell tokens allowing consumers to get movie tickets, along with buying or renting films and TV series in various ways. All of these options will allow film enthusiasts more control over how they consume their entertainment.

  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn

Join Our Mailing List

Keep up with the latest in FinTech, Blockchain, and Crypto.

You have Successfully Subscribed!