The global technology industry experienced a 42% decline in the number of blockchain-related patent applications in Q3 2023 compared with the previous quarter. The total number of blockchain-related grants dropped by 65% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Technology: Patents Trends Q3 2023 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 1,401 in Q3 2023, versus 2,414 in the prior quarter.
The top five companies accounted for 15% of patenting activity
Analysis of patenting activity by companies shows that nChain filed the most blockchain patents within the technology industry in Q3 2023. The company filed 84 blockchain-related patents in the quarter, compared with 127 in the previous quarter. It was followed by International Business Machines with 35 blockchain patent filings, Bank of America (33 filings), and Tencent (30 filings) in Q3 2023.
Patenting activity was driven by the US with a 58% share of total patent filings
The largest share of blockchain related patent filings in the technology industry in Q3 2023 was in the US with 58%, followed by South Korea (9%) and China (4%). The share represented by the US was 25% higher than the 33% share it accounted for in Q2 2023.
For further understanding of GlobalData's Technology: Patents Trends Q3 2023, buy the databook here.