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Australia punches above its weight with Blockchain Innovation

Sydney, Thursday 13 December: ACS, the professional association for Australia’s ICT sector, today announced the publication of Blockchain Innovation: A Patent Analytics Report at Barangaroo, Sydney. Through providing insight into innovators in blockchain technology – based on patents filed – the report will assist both businesses and governments in understanding the technology and the degree to which it is a critical enabler for continued economic growth.

ACS President Yohan Ramasundara said, “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.”

The report found Australia performs strongly amongst its global counterparts in blockchain technology, with local applicants ranking sixth globally, with 49 patent families registered. There have been 55 different Australian applicants that have contributed to these patent families.

Over the past five years, the number of patent filings globally has grown by between 140 and 230% each year.

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 Mr 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.”

Further key findings from the report include:

●       Blockchain patent filings have grown 140% or more each year since 2013

●       92% of blockchain-related patents are in an active state

●       Coinplug (South Korea) is the top global innovator in this area, with 75 active patent families (92% granted)

●       China is the largest filing destination. Alibaba is the largest applicant from China, filing 57 patent families

●       Document management is the major problem being addressed by the top innovators in the field

●       Only 14% of active patent families have at least one granted patent at this point in time

●       3,021 patent families have been filed in blockchain technology.

“Our report today outlines findings from patent families filed since 1999, analysing trends, innovators, filing destinations and commercial players in this space. This will assist in increased understanding of how blockchain technology is commercialised,” concluded Mr Ramasundara.

To read the full report, visit: https://www.acs.org.au/content/dam/acs/acs-publications/ACS%20Blockchain%20Report.pdf

The Blockchain Innovation: A Patent Analytics Report will be launched at Barangaroo by the Hon Paul Fletcher, Minister for Families and Social Services.

-ENDS-

 

Further information
Troy Steer
Director of Corporate Affairs and Public Policy
M – 0417 173 740
E – troy.steer@acs.org.au 

About ACS
ACS is the professional association for Australia's Information and Communication Technology (ICT) sector. More than 40,000 ACS members work in business, education, government and the community. ACS exists to create the environment and provide the opportunities for members and partners to succeed. ACS strives for ICT professionals to be recognised as drivers of innovation in our society, relevant across all sectors, and to promote the formulation of effective policies on ICT and related matters. Visit www.acs.org.au for more information