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Ping An Group Beats Alibaba and Tops Global Blockchain Patents Ranking

As Chinese authorities is willing to spur blockchain technology and launches a series of supportive government moves, leading enterprises becomes more voluntary in intellectual property protections and have filed a rising number of patent application in recent years.

Since 2009, there are over 5,000 blockchain-related patent applications submitted from all over the world and half of them are applied by Chinese companies. It is very likely that Chinese tech companies may outpace their foreign counterparts in developing blockchain technology.

Chinese industrial giants, including internet companies such as Baidu, Alibaba, Tencent, JD.com (BATJ) and Huawei, as well as Financial enterprises Ping An, have recognized the importance of blockchain as a future technology and put a lot of efforts in blockchain technology development in order to improve their business operations.

According to public statistic data, Ping An has submitted 95 patent applications on blockchain technology (including 24 overseas patent applications) which has surpassed any individual of BATJ.

Ping An Group is the second-largest insurance company in China, as well as a world-leading personal financial services provider. It promotes the common development of its core finance business and internet finance business.

In the middle of July, the Hong Kong Monetary Authority (HKMA) announced they would be working with a group of the world’s largest banks including HSBC and Standard Chartered, in conjunction with Ping An to roll out a blockchain powered trade finance platform.

OneConnect, a fintech subsidiary of Ping An Group beat tough competitors including Accenture, R3 and other world-leading tech firm, becomes the technology service provider to the HKMA trade finance platform project.

According to the Ministry of Commerce, Beijing announced more than US$9.5 billion in tax cuts in April to drive science and technology innovation, aimed primarily at tech companies.

Among Ping An’s 95 blockchain patent applications, 6 of them have been verified by the State Intellectual Property Office (SIPO). In May, China’s Ministry of Industry and Information Technology has clarified the protection of intellectual property rights under Chinese law in a monthly report, which shows government is likely to launch further measures to protect blockchain IP, including potentially classifying it as a national security risk in order bring it under China’s cybersecurity law.

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