© 2020 Benzinga.com. Benzinga does not supply investment advice. All rights.
© 2020 Benzinga.com. Benzinga does not offer financial investment recommendations. All rights.
Ant Group, the monetary innovation affiliate of e-commerce huge Alibaba Group Holding Limited (NYSE: BABA) maintained its spot as the biggest holder of blockchain patents in 2020, according to a report by International Asset Management that mentioned data from Clarivates Derwent World Patents Index or DWPI.
What Happened: Research published by IAM revealed that Ant Group kept its top area on the index, which aggregates patents declared both amount and quality, CoinDesk first reported. The rankings are controlled by Chinese companies, which blaze a trail in regards to blockchain patent filing volume.
Ant Group submitted 586 patents in 2020, which represents a 33% decline from the 880 patents it submitted in the previous year. The company has 2,298 blockchain patents.
Shenzen-based conglomerate Ping An Insurance (Group) Company of China Ltd. (OTC: PNGAY) submitted 1,215 patents in 2020 to wrest the 2nd spot from Tencent Holdings Limited (OTC: TCEHY).
International Business Machines Corporation (NYSE: IBM) was the only non-Chinese business in the top ten, taking the fourth spot in the variety of blockchain patents in 2015 with 647 filings. The DWPI score metrics pressed IBM into the second area behind Ant Group.
Why It Matters: Chinese companies are continuing to broaden their research study into blockchain technology, which is utilized in financial technology, supply chain management and the Internet of Things or IoT, to name a few applications.
Chinese President Xi Jinping had required more research study and development in blockchain technology in 2019. A few of the most significant innovation companies in China, consisting of Ant Group, Tencent and Baidu Inc. (NASDAQ: BIDU) have representation in the countrys nationwide blockchain committee.See Also: Jack Mas Ant Pledges To Go Carbon Neutral By 2030.
Considering that 2015, Ant Group has been investing considerably in the research and advancement of blockchain innovations. In July last year, Ant Group revealed AntChain, a new technology brand for the companys blockchain-based options.
Rate Action: Alibaba Group shares closed nearly 0.7% lower on Monday at $230.28 and even more declined 0.2% in the after-hours session.
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