Last year saw a surge in the number of patents filed for blockchain-related technology, according to data from Thomson Reuters.
The number of new patents filed reached 406 in 2017 – a record high and more than triple than the year before, with 134 patents filed in 2016.
More than half (56 per cent) of patents filed in 2017 came from China, followed by the United States.
Thomson Reuters editor Alex Batteson said Blockchain was seen as the next frontier of financial services technology architecture – an area that swallows up vast amounts of capital expenditure every year.
“Companies are keen to stake out their territory as the technology rapidly advances,” Batteson said.