PBoC Has Filed 81 Blockchain-related Patent Applications
As of May 30, 2018, PBoC (People’s Bank of China) has filed 81 blockchain-related patent applications, according to data from patent database of State Intellectual Property Office.
Cryptocurrency and its underpinning blockchain technology have attracted tremendous attention from the global financial community, especially central Banks. The explosive growth of private cryptocurrencies has also brought powerful market impetus and strong technical support for countries around the world to explore the innovation and upgrading of their monetary system.
People’s Bank of China, the country’s central bank, has kept its eye on cryptocurrency early in 2014 upon the establishment of a R&D group on state-backed digital currency.
Over the recent two years, PBoC initiated its Digital Currency Research Institute, published a series of articles on the possibility of central-bank-backed digital currency, and recruited talents and professionals of this space.
Among its 81 pieces of blockchain patent applications, 37 were from PBoC Digital Currency Research Institute (33 in 2017), 22 were from China Banknote Credit Card Industry Development Company backed by PBoC (13 in 2017), and 22 from Institute of Printing Science and Technology at PBoC (22 in 2017). The patent applications mainly involve with research on underpinning technology, digital currency issuance and circulation, digital currency transaction and payment, digital currency wallet, as well as digital currency chip card.
China was the most active filer of blockchain patent applications last year, filing 225 pieces of blockchain patents, among which, its central bank has made nearly one-third contribution. As previously reported by 8btc, holding 68 pieces of blockchain patent applications in total including those from PBoC-backed institutes, PBoC could be deemed as the real champion instead of Alibaba.
Data from cnki.com (China National Knowledge Infrastructure) database showed that during the period of 2014 – 2018, more than 180 thesis and articles themed with digital currency and blockchain written by PBoC’s deputy governor, counselors, and division directors were published, which thoroughly discuss the possibility of legal digital currency and its application as well as potential risks.
It can be said that the central bank of China is a global pioneer and leader in the research and layout of legal digital currency. Despite the escalated crackdown on ICOs and cryptocurrencies, the country’s central bank rushes to protect technological ideas related to their underlying blockchain technology. Will PBoC reconsider to ease the ban on cryptocurrencies suppose the market chaos and scams were phased out? Leave your comment below.