Chinese companies are respected worldwide for having an excellent reputation for leading the way in the development of blockchain and crypto technology. In 2018 the Chinese government approved nearly 800 blockchain patents with a staggering 262 going to one company – Alibaba.
Alibaba is the fourth-largest internet company based on revenue estimated to bring in a revenue of US$56.152 billion this year.
The Chinese e-commerce giant announced their intention to implement a blockchain-based intellectual property protection system dubbed the IPP Platform aimed primarily at benefitting international companies. Alibaba already takes care of the intellectual property protection for more than 30 million new products as well as their existing range of around 1.5 billion products. The implementation of the Blockchain platform has the potential to increase these numbers by orders of magnitude.
Dragon CEO Paul Moynan admires the way that China continues to innovate using blockchain technology saying, "blockchain implementation in China continues to grow at lightning pace, and trading giants such as Alibaba have always been a driver of blockchain development. By introducing more blockchain systems, the divide between traditional business and 21st-century innovation continues to close."
Director of the Intellectual Property Department, Alix Xizhi stated that the main reasons for the update were to increase transparency and prevent the manipulating of entries as well as automating the application process used foreign companies. The IPP Platform will be used by China's Internet courts explicitly designed to address legal protection on the Internet.
The Hangzhou-based company also announced that it intends to make even greater use of the genuine advantages of Distributed Ledger Technology in the future with plans to adapt their IPP platform for use in the movie industry. Once again, this highlight not only the versatility of blockchain but also the innovative, pioneering spirit of China. For more news on the latest fantastic innovation from China as well as other news from the crypto world just head over to the Dragon blog now.