Here Comes AlibabaAnd IBM Ranking First Concerning Blockchain Patents

The global tech giants are rushing after blockchain technology. Learn about Alibaba and IBM venturing into the ecosystem. Here is an interesting account of the details.

Blockchain Technology

The fact is that though most frequently misunderstood, the blockchain is here even though many of its applications outside of the cryptocurrency realm thereby remaining theoretical, with companies of all kinds are rushing to explore what is the new technology having to offer. Hence countless startups are aiming to corner a small portion of the blockchain space along with revolutionary applications of the distributed ledger technology. Therefore it is noted that even banks and other firms which were not previously directly involved in the tech space are now exploring the possibilities in the blockchain. Thereafter perhaps it comes as no surprise, whereas some of the most ardent blockchain innovators are major tech operations. Hereafter these companies have a direct interest and experience in the space as also they have the tremendous resources available to dedicate staff, time, and money toward building new blockchain applications.

Eventually, a report by iPRDaily has indicated that two tech giants, in particular, have taken the lead as it comes to blockchain development as at least with regards to the number of those blockchain-related patents that they have finally secured. Hence Alibaba and IBM are neck-to-neck as each holding is close to 100 patents already.

All AboutAlibaba and IBM

Thereafter Alibaba had 90 blockchain-related patents as IBM was just behind with a total of 89 and according to the report, cited by Coin Telegraph, Mastercard came in third place with 80 filings thereby proving that these banks are increasingly involved as themselves in the blockchain, whereas Bank of America took the fourth place on the list with 53 patents. 

The Geographical Interest

This is where that the report utilized information covering Asia, the EU, America and elsewhere in the world as it seems clear that most of the blockchain patents are concentrated in China and for instance, in 2017 the Chinese companies filed 225 applications for blockchain patents as the American companies only filed 91. However despite all these facts that China’s government has clamped down on cryptocurrencies even as blockchain technology has proliferated there. In this context, Alibaba head Jack Ma exemplifies this stance as a business leader as he previously expressed skepticism about digital currencies as well as discussed his great optimism for blockchain as a technology. 

The fact is that IBM may take over the top position at any time as the stalwart computer maker recently signed a 5-year, $740 million deal with the Australian government to thereby integrate blockchain, as among other technologies into the data security and the automation. 

Why Is the World's Largest Bank ICBC Of China Moving Toward Blockchain?

The truth lies there that although it may not be a household name in various other parts of the world, while the Industrial and Commercial Bank of China is nonetheless a colossal figure in the global banking scene. Since its foundation in 1984, the ICBC was by certain metrics the largest of the banks in the world, and reportedly including a greater focus on developing blockchain technology according to its chairman. Thereafter among other focal points that Chairman Yi Huiman has described that according to Coin Telegraph there are big data, artificial intelligence, and Internet of Things innovations. 

The Smart Banking and Blockchain

While for now ICBC has been focused on so-called smart or intelligent banking since 2017, with an effort to find use cases for smart banking as ICBC aims to improve service in the global financial world and to increase the security of financial data that may be shared with third parties. Hence given the natural tendencies toward anonymity, immutability, and data sharing, blockchain still seems like a strong tool to use in pursuit of the goal of developing smart banking technologies and applications.

Where Are The Chinese Authorities Headed?

It was then at the same time though the Chinese government remains broadly opposed to digital currencies in many ways and since September of 2017, China has tightened regulations on digital tokens as the authorities have been much more open to the possibilities inherent in blockchain technology indeed as China is actively developing blockchain technology for use in many different industries. Thereby earlier it was the BeichuanQiang Autonomous County of Sichuan Province that had partnered with Beijing Sinfotek Group to establish a new blockchain company designed for forestry economic development and industrial poverty alleviation as an example. Hereafter the Communist Party of China also recently released a blockchain primer which details many of the potential applications of this new technology. 

The Final Words

Therefore come specifics about how the ICBC hopes to utilize blockchain technology in its new projects that remain sparse at this time. Thereafter with much more than 5000 corporates as well as 530 million personal customers, it is however ICBC has the opportunity to dramatically impact the financial world both inside and outside of the digital currency space. In this case, meanwhile, ICBC was to fully embrace the blockchain technology, as it would surely mark a most crucial turning point toward the long term and broad integration of blockchain into everyday business and life.

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