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  • Writer's pictureUHY Haines Norton

Chinese companies lead the world in blockchain & AI development - Steve Marsten

Everyone is thinking what’s the next step in blockchain? Well that’s if you have an understanding of it at all. My limited understanding is that it is a system in which a record of transactions made in bitcoin or another cryptocurrency, are maintained across several computers that are linked in a peer-to-peer network. It allows digital information to be distributed but not copied.

What’s concerning though is 32% of all global patents for blockchain technology were filed by Chinese businesses last year, with 99 patents from a total of 314 filed with the World Intellectual Property Organisation (WIPO) in 2017. This was highlighted by a new study by UHY International.

UHY also found that businesses in Australia filed just under 13% of the world’s patents relating to blockchain technology last year.

UHY says that Chinese businesses have invested heavily in blockchain technology in recent years, with the Chinese central bank supporting the development of a blockchain-based trade finance platform to help SMEs access finance.

The study shows that US businesses are close behind with 92 global patents (29%), followed by Australian businesses with 40 patents (13%). UK businesses filed 34 patents related to blockchain (11%) with WIPO in 2017.

The study also shows that Chinese businesses lead the way in the development of Artificial Intelligence (AI) technology, filing 473 from a total of 649 AI patents (31%) with WIPO last year. After the USA and South Korea, Australia is 3rd having filed 14 from 649 AI patents or 2%.

UHY says that blockchain and Artificial Intelligence has the potential to unlock significant economic growth over the coming decades. Where countries are lagging behind in areas such as these, governments could consider tax incentives to encourage increased research and development.

UHY adds that developing Artificial Intelligence technology could be critical in determining which businesses will emerge as leaders from the next industrial revolution.

The businesses that are positioned best in the long term will be those that benefit from private enterprise and governments both investing to bring Artificial Intelligence technology to mass markets.

For more information feel free to contact the team at UHY Haines Norton on 4972 1300.

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