Comparative Analysis of the Blockchain Industry Development between China and the U.S.: Evidence from Patent Data

The blockchain industry plays a pivotal role in the expansion of the digital economy, garnering substantial global interest. This study employs patent data to evaluate and compare the evolution of blockchain technology in China and the United States. It emphasizes initiatives that foster the growth of China's blockchain sector and bolster its digital economy. The findings indicate that both nations are witnessing rapid advancements in their respective blockchain industries, with a focus on similar critical domains across three principal industry layers. China demonstrates considerable capabilities in blockchain hardware development and regulatory frameworks, while the United States leads in establishing foundational infrastructure and integrating cutting-edge blockchain technologies. However, the global influence of Chinese blockchain innovations is somewhat restricted, characterized by a lack of effective collaborations that meet global market needs. In contrast, the United States benefits from robust international partnerships and a broader degree of innovator internationalization. Despite China's larger volume of patents, there are notable differences in the quality of patents, their international reach, and their distribution across industries. The paper concludes with targeted recommendations designed to advance the development of China's blockchain industry.