India is making a considerable push into the global blockchain patent landscape. The country now has the 6th rank in terms of the number of patents granted.
A report analyzes the recent patent data to find that China leads the pack with 790 blockchain patents. United States follows with 762 patents. South Korea and Australia occupy the 3rd and 4th places respectively, with 161 and 136 blockchain patents.
Canada and India are tied together with 67 blockchain patents. India had not been one of the forerunners with respect to technology patents, however, that’s changing as this recent report shows.
Patents are important since the number of patents signify the climate of innovation in a country or organization. Among the countries, we do expect USA and China to fare well in terms of blockchain patents.
This expectation arises from the fact that businesses like Bank of America, IBM, and Alibaba are bullish on blockchain innovation. These businesses have lined up impressive arrays of blockchain patents during recent years.
The entry of India in this elite league certainly indicates that the country is betting big on the blockchain technology. In a way, this development is surprising since the Indian government doesn’t welcome cryptocurrencies!
Red carpet for blockchain, not for crypto
Indian government, including senior functionaries like the union finance minister Mr. Arun Jaitley categorically rules out crypto. However, the seniormost political executives in the country resolutely welcome blockchain. Examples of such support are seen in various statements from the prime minister Mr. Narendra Modi and Mr. Jaitley.
Additionally, concerted efforts to explore blockchain is quite noticeable. A premier policy think-tank of the Indian government is conducting blockchain “Proofs of Concept” (PoCs).
The recent Indian push in the blockchain patent landscape is benefiting from the concerted efforts of the incumbent government to promote industrialization and innovation. Filing of patents now receives plenty of systematic encouragement.
Consequently, there is an overall surge in India winning patents, as reports indicate. This is a consistent effort over the last few years. Reports noted a 50% increase in the number of patents in India in 2017.
On the cusp of an innovation push
The increased interest in India on blockchain is timely. The country is undergoing a gigantic transformation. A massive cleanliness/sanitation drive, a gigantic financial inclusion program, frenetic infrastructure development, an universal health coverage operating on a never-before-imagined scale are just a few examples.
Blockchain can aid in this impressive transformation effort with its’ efficiency, decentralization, tamper-proof records, transparency, and autonomous smart contracts. The surge in Indian innovators winning blockchain patents point to bigger things in future.