Key Highlights
- China filed the highest number of blockchain patents globally in 2017.
- Beijing prosecutors arrested a suspect in the city’s first Bitcoin theft case.
- Kik Messenger announced the launch of KIN, the first cryptocurrency supporting a dual-network system.
Headlines
1. China Dominates Blockchain Patent Applications
Data from the World Intellectual Property Organization (WIPO) reveals that over half of the 406 blockchain-related patents filed in 2017 originated from China. The U.S. (91 patents) and Australia (13) followed.
2. Employee Steals 100 Bitcoin; Arrested in Beijing
An employee at a Beijing-based tech firm, Zhong, exploited administrative privileges to modify company servers and stole 100 Bitcoin. Prosecutors charged Zhong with "illegally obtaining computer system data."
Global Policy Updates
Digital Currency Enhances Monetary Precision
China’s central bank began testing a digital currency in 2017, aiming to improve monetary policy efficiency. Experts highlight that blockchain-based currencies could increase money velocity and multiplier effects.
Crypto Exchanges Seek Regulatory Safe Havens
Amst tightening global regulations, exchanges like Huobi and Binance are relocating operations to crypto-friendly jurisdictions.
Cryptocurrency News
1. Bitcoin Blockchain Misused for Storing Illegal Content
German researchers discovered links to child exploitation material embedded in Bitcoin’s blockchain, raising concerns about misuse of public ledgers.
2. Students Using Loans to Invest in Crypto
A survey found that 20%+ of U.S. college students allocated part of their student loans to cryptocurrency investments—a risky move given market volatility.
3. Bitcoin Mining No Longer Profitable for Some
With Bitcoin’s price drop, mining breakeven costs (~$8,038) now exceed rewards for many miners, per Fundstrat analysis.
Expert Insights
Ant Group CEO: Blockchain Bubble May Burst Within a Year
Ant Group’s Eric Jing criticized ICO scams and confirmed the company’s stance against token offerings. He predicts a blockchain market correction within 12 months.
Venture Capitalist: "99% in China Ignore Blockchain’s Tech"
Yan Lian noted China’s focus on speculative gains over foundational blockchain research, contrasting with global engineering efforts.
Blockchain Applications
1. Kik Launches Dual-Network Cryptocurrency KIN
Kik’s KIN will operate on both Ethereum and Stellar blockchains to boost liquidity—a first for dual-network crypto.
2. Malta’s First Blockchain Law Firm
E&S Group became the world’s pioneer legal consultancy for blockchain projects, backed by Malta’s Digital Innovation Authority.
3. Lixin Medical to Release Blockchain Smartwatch
The watch will integrate GPS-tracked blockchain data, a digital wallet, and multi-scenario payment features, targeting a late-2018 launch.
FAQs
Q1: How many blockchain patents did China file in 2017?
A1: 225 patents, surpassing the U.S. (91) and Australia (13).
Q2: What charges apply to Bitcoin theft in China?
A2: Illegal computer data access, as seen in Beijing’s recent arrest.
Q3: Why is Bitcoin mining less profitable now?
A3: Mining costs (~$8,038) exceed Bitcoin’s market price, per Fundstrat.
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