Despite the bans on cryptocurrency related news and events, the Central Bank & Digital Currency Research Institute of China announced eight new patents over the course of two months in 2018.
Among the eight patents, four of the patents were launched in relation to the digital currency wallet. The study conducted by the research institute discussed the methods and systems for replacing the key, depositing, upgrading and opening of the digital currency wallet.
The rest of the four patents researched on the methodologies and systems for managing digital currency safely namely inquiry, conversion, deduction and safekeeping.
In addition to the Nanjing Financial Technology Research and Innovation Center, the People’s Bank of China Digital Money Research Institute has also established a wholly-owned subsidiary in Shenzhen, Shenzhen Financial Technology Co., Ltd. The subsidiary actively deploys two major economic belts and embrace the advancement of science and technology in the city.
The eight patents are:
1. Digital currency management method and system triggered by loan interest rate conditions
2. System for debit and credit of digital currency
3. Method and apparatus for querying digital currency details
4. Method, device and system for actively transferring coins
5. Method and apparatus for upgrading a wallet based on a digital wallet’s terminal
6. Method and system for opening a digital currency wallet
7. Method and system for depositing money based on the wallet
8. Method and system for replacing a key in the wallet
Also, Thomson Reuters research shows that 56% of the 406 blockchain patents released worldwide in 2017 are from China, with the US ranking second at 22%. With the rapid increase in blockchain patent filings from 2016 to 2017, this reveals an increasingly intense blockchain patent competition.
The Nikkei Asian Review reported that Alibaba released 43 of the 406 blockchain patents in 2017. Other Chinese technology giants such as Tencent and Baidu also dominated the list of blockchain patent owners.
Source: ostrich blockchain news