Chinese Tencent Filed A Set Of New Blockchain Patents

The Chinese Tencent company, known as a major tech giant and disruptor, recently filed a new set of blockchain patents in the field of DLT-based fund management, advertising and media storage solutions.

Previously in the blockchain news, we could see that Tencent expanded its research into the technology and registered a set of blockchain patents which detail distributed ledger technology (DLT) based solutions for fund management and advertising.

According to the Chinese media outlet Egsea and its reports on June 18, the filings also included blockchain-based consumer applications, hardware devices and media storage systems. The recent filings come as the technology sees increasing enterprise adoption in the areas of artificial intelligence (AI), cloud, as well as Internet of Things (IoT).

“Recently, Tencent Technology (Shenzhen) Co., Ltd. added a number of blockchain-related patents, including consumption methods and devices based on blockchain network, and methods of fund management based on blockchain , Devices and storage media, blockchain-based advertising placement monitoring methods, devices, and systems,” the translated report shows.

We can also see that the new filings will extend Tencent and its presumed dominance in the field of blockchain patenting. The Chinese Tencent giant was featured in April in the media when one portal reported that it managed to amass more patents in 2019 than any other firm – with 718 patents during 2019 alone.

The report also estimates that 5,800 patents for blockchain technologies were filed in 2019, and the Chinese Tencent tech giant represents 12.4% of all patents filed last year. In May, the tech giant announced that it plans to invest $70 billion in multiple emerging technologies over the next five years.

Blockchain was one of the spotlights in the cryptonews for the Chinese Tencent, as the company named the technology vital alongside cloud computing, artificial intelligence and IoT as prioritized sectors.

After that, the company announced its intent to establish a 100-member blockchain alliance by the end of 2020. The Chinese Tencent hopes to ally with companies and attract universities, think-tanks, tech companies and industry players to research DLT applications and move forward in the field of blockchain technology.

All of this shows that Tencent is a serious player for the blockchain industry in China.