It Was China That Made Most Of The Blockchain Patents
Why is China making most of the blockchain patents? Here is all that you need to know.
Where Is China Positioned In The Blockchain Space?
The recent finding was that the Chinese government’s view of the cryptocurrency space included blockchain technology, initial coin offerings as well as related projects and companies that have consistently made headlines for several months, as the news that the Chinese authorities were planning a crackdown on exchanges and ICOs has prompted tumbles in the global cryptocurrency market, and the future of the industry in China remains unclear now. This comes however despite the industry’s precarious position as a new set of statistics by Thomson Reuters reported by DecentralPost indicating that China filed the largest number of blockchain patents in 2017.
The Truth Behind China Accounting For Nearly Half Of All Patents
The fact that as 2017 was a breakout year, therefore, cryptocurrencies and the blockchain-based companies and projects, the industry captivated investors all around the globe with a huge number of new offerings in every possible category jockeying for investor funds and interest. Thereafter throughout the year, China dominated when it came to patents filed with the World Intellectual Property Organization. Herby the Asian powerhouse country was responsible for 49% of all patents in the blockchain space in 2017. This is where the US ranked second with 33% of patents filed.
However, the People’s Bank of China was the first among the Chinese organizations that filed blockchain patents. It is here that three of its branches submitted a total of 68 patent applications related to blockchain.
Blockchain Patents Has Increased Overall
The fact is that China was not the only country to see significant interest in blockchain-related patents as indeed blockchain patent applications tripled in 2017 over the previous year, with the cryptocurrency-related patent applications rose by 16% for a total of 602 new patents requested in 2017.
It is here that the Chinese government appears to have sustained a significant interest in the blockchain space, as the country’s Ministry of Industry and Information Technology thereby announced plans to create a standardization committee for the new technology earlier and at the same time the Investment Association of China launched a blockchain-focused Global Blockchain Investment and Development Center along to spur additional research and development in the country. It was hereby the IAC indicated that it will vigorously promote R&D, applications, promotion investment, and innovations of blockchain in China and strengthen the integration and international cooperation of blockchain resources according to bitrazzi. Thereby at the same time, the future of cryptocurrency trading in China remains in jeopardy.
Nasdaq: How The Long Blockchain Deceived Investors With Bogus Name Change
Currently, Long Blockchain, the company that began life as Long Island Iced Tea Corp, is now in hot water as the beverage company made headlines when it abruptly renamed itself Long Blockchain. Thereby the detractors said the flailing company was trying to capitalize on the fervor over cryptocurrencies.
It is then found that sure enough upon changing its name, Long Blockchain’s stock price skyrocketed. Thereby now Nasdaq is accusing Long Blockchain of lying to its investors and is making moves to delist the company.
Thereby as it is, Long Blockchain remains out of compliance with Nasdaq’s rules for market value requirements which is according to a report on CoinDesk. Here to maintain its listing in the exchange, the company must maintain market cap at or above $ 35 million on at least 10 consecutive business days.
How Is Market Cap Hovering Below Nasdaq's Requiring Minimum
Thereafter Long Blockchain has still time to meet this requirement, whereas earlier the Long Blockchain’s market cap hovered around $31.6 million which is a decline of about $ 2million from earlier as today the company’s stock is trading around $ 3 per share, and at its peak the stock traded for more than double that amount.
While Long Blockchain has turned heads when it abruptly announced plans to change its focus from beverages to the blockchain it has given the sudden nature of the shift and inconsistencies regarding the company’s market cap and information related to investors where Nasdaq says it has reason to be concerned about the company’s honesty.
The Plans to Appeal
Thereafter for its part, Long Blockchain is not taking the news that Nasdaq aims to delist it from the exchange lightly. Therefore the company is appealing the delisting decision and according to a letter, it believes Nasdaq had determined to delist the Company’s securities.
Hereafter the company had added that the notification letter stated that the Staff believed that the company made a series of public statements designed to mislead investors and to take advantage of what is known as general investor interest in the Bitcoin and the blockchain technology thereby raising concerns about the company’s suitability for exchange listing.
The Concluding Thoughts
It is here that Long Blockchain is said to be strongly disagreeing with that determination and has appealed Nasdaq’s decision to a hearings panel as however because of its sputtering market cap, even if Long Blockchain wins the appeal regarding having misled investors as it may still be delisted for other reasons.