11% of all global patents for blockchain technology were filed by UK businesses last year, ranking them fourth in the world. It accounted for 34 patents from a total of 305 filed with the World Intellectual Property Organisation (WIPO), according to research by accounting and consultancy network UHY.
No other country in the European Union made it into the top 10, although many European businesses have been more active at a local level. Chinese businesses filed 32% of all global patents for blockchain technology in 2017, spurred on by the Chinese central bank supporting the development of a blockchain-based trade finance platform to help SMEs access finance.
US businesses are close behind with 92 global patents (30%), followed by Australian businesses with 40 (13%), just ahead of the UK. The biggest filer last year was nChain, a blockchain-focused research firm based in London and Vancouver (48 patents).
Andrew Snowdon, Partner at UHY Hacker Young, comments: “If the UK is to maintain its strong position as a hub for new technology, the Government needs to ensure more businesses patent their Intellectual Property. Blockchain could unlock significant economic growth and the UK is one of the world’s leaders for developing newer technologies.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.