Updates on China's New Policy For Securing Blockchain PatentsScroll Down
Securing a blockchain patent in China may be getting easier thanks to the government's willingness to streamline the application process. This may be a sign that China's attitude toward blockchains and cryptocurrency continues to thaw.
The National Intellectual Property Administration, or NIPA, is the Chinese government agency that is responsible for issuing patents related to blockchain development. China's previous relationship with blockchains and cryptocurrency has been been rocky. The country even went so far as to restrict access to cryptocurrency exchanges.
It was then announced in 2020 that China was clearing the way for some blockchain companies to move forward with businesses in the country. Now, China is taking steps to simplify the process of getting a patent on technology that involves blockchain development.
Beginning February 1, 2020 a new set of guidelines created by NIPA will go into effect. It is believed that these guidelines will encourage companies involved with big data and artificial intelligence to base operations in China.
China has also indicated that it wants to strengthen the protection of intellectual property that is developed inside the country.
Many believe that these measures are being taken in China's self-interest. It is widely accepted that China is in the process of developing its own cryptocurrency that will be backed by gold in the near future. There are certain matters of logistics that will require China to adopt a softer stance on blockchain technology.
In the immediate the future the streamlining of blockchain application patents will hopefully allow the quick growth of companies that utilize blockchain technology. That could be a shot in the arm for cryptocurrency investors who have been hoping for a positive turn in the Bitcoin market.
At the end of October 2019 the Chinese government paved the way for many of its current decisions involving blockchains with a new cryptocurrency law.