Australia is sixth top blockchain innovator

Australia is punching above its weight in terms of blockchain innovation, accounting for the sixth-highest number of patent applications in the world, according to research from ACS and IP Australia.

Australian innovators have registered 49 blockchain patent families, with 55 different Australian applicants contributing to these families, analysis of patent families filed since 1999 shows.

But China is the real blockchain trailblazer, accounting for 50% of total blockchain patents captured within the report. The top individual innovator is South Korea’s Coinplug, which has filed 75 active patent families with 92% granted.

Meanwhile, Australia is the sixth-largest destination for patent filings, with 87 patent families having at least one application filed. Australian applicants accounted for 35 of these, with US-based applicants having filed 38.

The report also found that the number of blockchain patent filings globally has grown by between 140% and 230% annually over the past five years, the analysis found.

The analysis discovered 3021 blockchain patents filed since 1999. But only 14% of active patent families have currently been granted at least one patent.

The top problem being addressed by innovators in the field is document authentication and management, followed by data sharing and consistency and entity authentication.

“It’s pleasing to see that despite strong competition in this space, Australia is punching above its weight when it comes to blockchain innovation,” said ACS President Yohan Ramasundara.

“We’ve already seen Australia’s financial services sector investing heavily in proofs of concept, along with the Australian Stock Exchange and government departments including the Digital Transformation Agency.”

Image credit: ©stock.adobe.com/au/kugelwolf

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