China bosses blockchain and AI patents

In a healthy display of tech innovation power, Chinese companies have been dominating blockchain and artificial intelligence (AI) patents in 2017. According to a new study by UHY, an accounting and consultancy network, 99 patents (32%) from a total of 314 filed with the World Intellectual Property Organisation (WIPO) in 2017 were by Chinese firms. Rick David, chairman of UHY, comments: "Blockchain and AI could unlock significant economic growth over the coming decades, and businesses across the world are investing in making sure they benefit from that." He adds: "Where countries are lagging behind in areas such as these, governments should consider tax incentives to encourage increased research and development." While that Chinese figure is impressive – and note that all this data is from 2017, US businesses were close behind with 29% of blockchain patents, followed by Australian businesses with 40 patents (13%).