Through providing insight into innovators in blockchain technology – based on patents filed – the report aims to assist both businesses and governments in understanding the technology and the degree to which it is a critical enabler for continued economic growth.
“Blockchain has been hyped as one of the most transformative and disruptive technologies on the immediate horizon. With the global market forecast to grow to US$60 billion by 2024, Australian businesses and governments alike have ample opportunity to leverage the technology as it matures,” said ACS President Yohan Ramasundara.
The report found Australia performs strongly amongst its global counterparts in blockchain technology, with local applicants ranking sixth globally, with 49 patent families registered. Over the past five years, the number of patent filings globally has grown by between 140 and 230% each year.
It is noted that Chinese applicants are the “clear leader in blockchain patents”, making up 50% of the total families captured within the report.
“It’s pleasing to see that despite strong competition in this space, Australia is punching above its weight when it comes to blockchain innovation. We’ve already seen Australia’s financial services sector investing heavily in proofs of concept, along with the Australian Stock Exchange and government departments including the Digital Transformation Agency,” said Ramasundara.
“Moneycatcha is a great example of a recent Australian success story. It has filed a standard patent application through the international patent cooperation treaty (PCT) in the last two years. This filing strategy means that it is in a position to seek protection overseas.”
According to the report, applicants are using blockchain technology to solve problems in document handling and management, and predominantly applying the technology into payment and transaction systems.
IP Australia Chief Economist Benjamin Mitra-Kahn said, “Blockchain patenting is more than doubling every year, and we can see real opportunities for Australia in blockchain technologies.”