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While blockchain may not be living up to the hype, many think that the idea behind it has extreme potential. Surprisingly, one of the biggest proponents of blockchain is China. The Chinese are dominating research being devoted to the technology.
Alex Batteson, an editor in the IP & IT practice area at Thomson Reuters Practical Law, said that “blockchain is seen as the next frontier of financial services technology architecture – an area that swallows up vast amounts of capital expenditure every year. Companies are keen to stake out their territory as the technology rapidly advances.”
In 2017, 56 percent of global blockchain patents were filed by China, compared to 22 percent being filed by the US. 10 percent of the patents were filed by Alibaba alone. Tencent and Baidu also have a significant number of patents filed. It’s a technology race where the US may be lagging.
Alibaba terms its development of blockchain as BASIC (Blockchain, Artificial Intelligence, Security, Internet of Things and Cloud Computing).
David Li, the founder of Trinity, said that “for the Chinese who are working on blockchain projects, the price of the underlying project means nothing to them — since they can’t own it. The main focus is on technology.”