The global banking & payments industry experienced a 42% decline in the number of blockchain-related patent applications in Q1 2023 compared with the previous quarter. The total number of blockchain-related grants dropped by 84% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Blockchain Market Size, Share, Trends, and Segment Forecast to 2030 report offers insights on application of blockchain in banking and other key sectors. It provides forward-looking analysis of the market including market sizing up to 2026, segmentation by application, potential growth opportunities, and competitive profi Buy the report here.

Notably, the number of blockchain-related patent applications in the banking & payments industry was 156 in Q1 2023, versus 270 in the prior quarter.

The top five companies accounted for 22% of patenting activity

Analysis of patenting activity by companies shows that Ant Group filed the most blockchain patents within the banking & payments industry in Q1 2023. The company filed 12 blockchain-related patents in the quarter, compared with 46 in the previous quarter. It was followed by Omash with 7 blockchain patent filings, nChain (6 filings), and eBay (5 filings) in Q1 2023.

Patenting activity was driven by the US with a 12% share of total patent filings

The largest share of blockchain related patent filings in the banking & payments industry in Q1 2023 was in the US with 12%, followed by South Korea (11%) and China (7%). The share represented by the US was 9% higher than the 3% share it accounted for in Q4 2022.

For further understanding of GlobalData's Blockchain Market Size, Share, Trends, and Segment Forecast to 2030 buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.