South Korean Blockchain Patents Applications ‘Surging’

Tyler Hromadka

Source: Adobe/chrupka.

Blockchain technology- associated patent applications rose in South Korea in 2015, and seem increasing even more this year in wake of the coronavirus pandemic.

Per the Korean Copyright Office (KIPO), an overall of 1,301 blockchain patents were signed up in the nation in 2015, a rise of 50 times on the paltry 24 signed up in 2015.

Media outlet Joongang Ilbo added that market players think blockchain offers “excellent” levels of security– and states that markets throughout the board in the nation are “increasing” their adoption, “particularly due to the COVID-19 crisis.”

Blockchain business expert Lee Jong-cheol informed that the federal government has actually been actively pressing untact technology of late.

Untact is a portmanteau term that is being utilized in South Korea to explain market 4.0 advances that assist eliminate unneeded in person contact.

Lee stated,

“The untact drive is well-timed if you are a blockchain developer in South Korea right now. Across all industries, there is a huge push to get away from paper-based documentation, and the idea of submitting paper applications could soon be a thing of the past. Banks and financial services providers particularly want to cut down on costs and speed up application processes. They are all over this kind of innovation.”

KIPO figures show that the authentication and security market seems the most active, representing 21% of the past 5 years’ overall variety of blockchain-related patents. The fintech market followed in second location with practically 20%. Possession management put 3rd with 14%. Human resources-related blockchain patents represented practically 5% of the overall figure.

KIPO figures revealed that although big- name companies have actually controlled the blockchain headings in South Korea lately, smaller sized business are far more ingenious. Larger companies represented simply 8% of applications in the duration 2015-2020, with SMEs signing up an overall of 1,580 applications in the very same period.

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