Chinese technology giant Tencent introduces new wave of blockchain patents

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Tencent has been expanding its blockchain research, and the company has filed a number of patents detailing solutions based on distributed ledger (DLT) technology for fund management and advertising.

Chinese media Egsea reported on the patents on June 18, noting that the applications also included blockchain-based consumer applications, hardware devices and media storage systems.

IBM has the largest number of AI and blockchain patents in the U.S.

The recent filings come as Bitcoin Storm sees growing business adoption in the areas of cloud, artificial intelligence and the Internet of Things (IO).

Ten percent continue to accumulate DLT patents
The new registrations will extend Tencent’s alleged dominance in the number of block chain patents they hold.

Sony and other major multinationals file 212 blockchain patents in China by 2020

In April, China Banking News reported that Tencent had accumulated more patents in 2019 than any other company; it applied for 718 in the past year alone.

Since the report estimates that 5,800 patents were filed for blockchain technologies in 2019, Tencent represents 12.4% of all patents filed last year.

General Motors files patent for blockchain-based navigation map
Tencent invests heavily in blockchain
In May, Tencent announced that it plans to invest $70 billion in emerging technologies over the next five years. They named blockbuster technology, cloud computing, artificial intelligence and IoT as priority sectors.

Tencent announced its intention to establish a 100-member blockchain alliance by the end of 2020. Tencent expects the alliance to attract universities, think-tanks, technology companies and industry bodies to research IoT applications and set industry standards.