2017: Blockchain Gains Big Ground In China

Blockchain in China

There are currently 456 startup businesses in China concentrating on blockchain technology development. Almost 40 percent of these startups cropped up just in 2017. This is according to a white paper from China’s Ministry of Industry and Information Technology.

An “exponential growth” was seen in 2017 alone, with 178 new firms established. Previously, it was noted that the count of blockchain firms in 2016 was triple of that in 2015.

At the same time, there was also another visible trend observed in equity financing for blockchain startups. Of the current 249 equity financing businesses directly related to blockchain startups, almost 100 were set up in 2017.

In the first quarter of this year, 68 financing firms have already been recorded to support blockchain startups.

The Chinese government, through the 157-page white paper, is trying to educate the public about the infantile technology and its potential for the future.

The paper also cited that in relation to the budding blockchain development industry, the existing Chinese patent law may need to be updated to efficiently protect the intellectual property rights of the patent holders. The current Chinese patent law was designed to protect only specific technology applications defined by the applicants.

“But blockchain is an underlying technology that has a wide range of application scenarios. It is both difficult and expensive to require patent applicants to list all potential and specific use cases in order to gain intellectual property protections,” the paper “stated“, In addition:

“If we want to protect blockchain technology IPs, then we have to to make certain adjustments to how the patent law is being practiced.”

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