Blockchain patent data shows Asia is now the main source of innovation

Hello my fellow bloggers! Today we are going to discuss what country is leading innovations in crypto land. Let’s dive in and investigate!

Source

Crypto market is all about innovation. Bitcoin started the revolution in our imagination, changed the way we understand the world of us. This simple idea that a third man is not required for you to transfer wealth changed the world forever. The idea you can trust a mathematic algorithm instead of an organization called “bank”. Many more bright ideas followed shortly after “the Big Bang” that created crypto world. Since then ideas mean everything here. Thousands of crypto enthusiasts are ready to invest billions in projects that have nothing but a brave idea and innovative vision. As always, creators generating these ideas want to monetize them. Monetization of an idea starts with registering a patent. We can trace the root country of these ideas using patents.

Source of chart | Chart data source

The chart shows origins of blockchain patents (based on company origin) for the past 2 years. Before we look at the data, I need to highlight that it does not give the full picture. It doesn’t consider some individual applications for patents nor it has any data on innovative ideas not wrapped into a form of patent. Yet it shows the overall picture. It seems 61% of patents were created in Asia (China, Japan and Korea). At the same time, the western world filed slightly more than 1/3 of all patents. Post-Soviet countries are not even in the top list.

It seems like the sun of crypto innovations rises in the east. This situation can be partly explained by the size of population. Obviously, Asian countries have a larger population that now has access to high quality education and is backed by significant resources to implement ideas. Another reason is that Asian countries are more open to ideas nowadays. China was a third world country just a few decades back. They made their way to the top by constantly changing. People got used to the fact you need to change and think differently to succeed. At the same time, companies in EU and US are often stopped by existing status quo. Legacy financial institutions don’t want to change and use their influence on governments to make sure innovation doesn’t happen too fast. Regulations make the market healthier, yet the lack of regulation in certain countries offers a competitive advantage. Where this situation will lead us? I don’t know, but I’m curious to watch.

Disclaimer

I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.

If you like this post please vote for it and follow my blog. Feel free to share your thoughts in comment section.