South Korea ranked third last year in the number of blockchain patents after China and the United States, according to the World Intellectual Property Organization (WIPO).

Last year, countries had a record number of 1,060 blockchain technologies patented, higher than 971 in 2017. This year alone, 242 blockchain patents got approved.

China submitted 790 patents, ahead of the U.S.’ 762 and South Korea’s 161.
U.K-based nChain filed for the largest number of 203 patent applications. nChain filed for patents in multiple countries, including Canada, Australia, Indonesia, and other countries.

IBM and Master Card applied for 118 patents and 111.