China accounts for 84 percent of all blockchain patent applications, but there is a catch.

According to the latest data shared by the country’s government official, China accounts for 84% of the blockchain applications registered globally.

China has exited the cryptocurrency market. However, the Beijing government has supported the underlying blockchain technology. The country has actively promoted blockchain technology over the years, and so it is not surprising that the percentage of blockchain patents has increased.

President Xi Jinping played a key role in introducing the new blockchain technology. In the year In 2019, the President called on citizens, technology companies, and ecosystem stakeholders to actively participate and innovate in startup technology as it plays a key role in the future of the next industrial revolution.

As previously reported by Cointelegraph, Chinese companies have filed 4,435 blockchain patents in the year under President Xi Jinping’s support for the industry. According to another study, China will account for approximately 60% of the world’s blockchain patent applications from 2015 to June 2021, followed by the US and South Korea.

The figure was released on Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the figures do not include the timeframe in which these patent applications were filed.

Related: Tencent receives patent for blockchain-based missing person poster

While China has the highest number of blockchain patent applications, the approval rate is very low, with only 19% of the total applications approved, the South China Morning Post reported.

Another important thing to note here is that China is not very big on decentralization, the same principle that blockchain technology is based on. This is evident from the development of the country’s digital yuan, where the central bank fully controls the operation of the digital national currency through an improved version of blockchain instead of using a traditional distributed network system.