The global technology industry experienced a 34% decline in the number of blockchain-related patent applications in Q1 2024 compared with the previous quarter. The total number of blockchain-related grants dropped by 2% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Technology: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of blockchain-related patent applications in the technology industry was 1,532 in Q1 2024, versus 2,307 in the prior quarter.
The top five companies accounted for 13% of patenting activity
Analysis of patenting activity by companies shows that nChain filed the most blockchain patents within the technology industry in Q1 2024. The company filed 80 blockchain-related patents in the quarter, compared with 121 in the previous quarter. It was followed by Tencent with 42 blockchain patent filings, Bank of America (38 filings), and Sony Group (18 filings) in Q1 2024.
Patenting activity was driven by the US with a 57% share of total patent filings
The largest share of blockchain related patent filings in the technology industry in Q1 2024 was in the US with 57%, followed by China (8%) and the UK (2%). The share represented by the US was 22% higher than the 35% share it accounted for in Q4 2023.
For further understanding of GlobalData's Technology: Patents Trends Q1 2024, buy the databook here.
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