Chinese multinational technology company Alibaba is on target to supersede United States computer giant IBM as the single-largest holder of blockchain-related patents.
In line with a recent official report by KISSPatent, the Chinese tech conglomerate was “definitely running the show,” having already published 10x times more blockchain patents than IBM, its nearest rival.
Should Alibaba continue at its present speed, the study predicted it might become the largest patent holder in blockchain by the end of this year.
KISSPatent revealed that this was a part of a broader surge within the number of blockchain-related patents published. The primary half of this year in 2020 had more patents filed rather than the entire year of 2019. In turn, 2019 had triple the number of blockchain patents compared to 2018.
On the other hand, another key point was that the majority of the patents were filed by traditional Fortune 500 firms instead of companies that exist wholly within the blockchain ecosystem.
That might be right down to blockchain’s prevailing open-source culture, that is at odds with the practice of patent filing, KISSPatent added.
Indeed, Jack Dorsey’s Square last week found a non-profit group for blockchain firms to pool patents & preserve the industry’s open-source spirit.
Just within the past few months, Alibaba has patented a cross-chain system that it claims is even best than Cosmos, also as a blockchain that protects music-related patents.