Those keeping an eye on the advent of blockchain technology will know that it is becoming increasingly prevalent among companies. Now, the financial reporting outlet Forbes has released a list of all the billion dollar companies employing blockchain technology.
Many mainstream names are now investigating blockchain technology
Specifically, this report covers a number of blockchain technology adopters, compiled in a list called ”Blockchain’s Billion Dollar Babies”. This list consists of those companies currently engaged in blockchain technology and whose valuation or revenue exceeds that of $1 billion.
Forbes emphasizes that although the past ”cryptocurrency winter” may have taken its toll on the price of cryptocurrencies, it has not done anything to deter companies’ enthusiasm for the underlying technology.
Although the usual blockchain technology suspects – i.e. dedicated cryptocurrency and blockchain development ventures – are found on the list, there are also some surprising additions. For example, traditional companies such as clearing houses and banks, supply chain management firms, food companies and others are also found.
Furthermore, the list also mentions its fair share of mainstream household names. Some of these are Facebook, Walmart, Mastercard, Nestle, Microsoft, Amazon and ING.
Granted, those who follow the blockchain technology sector intently will surely already be familiar with at least a number of these companies, but seeing all of them mentioned in the same report illustrates the extent of blockchains impact on traditional businesses.
Moreover, the cryptocurrency-centric companies mentioned on Forbes’ list include such actors as the European hardware and mining firm Bitfury, the US-based cryptocurrency exchange platform Coinbase, as well as Ripple.
Blockchain technology can dramatically simplify processes
What’s more, the list does not only include the actors who are actively examining and experimenting with blockchain technology. Rather, it goes on to note the different blockchain protocols that are being adopted, and what companies are adopting them.
Put simply, the list is dominated by numerous Hyperledger protocols, the blockchain consortium R3’s Corda protocol, as well as the Ethereum network – which are employed by companies across a number of different industries and sectors.
In addition to this, the Forbes report also goes on to illustrate how blockchain technology can potentially be used to dramatically improve various processes across different industries.
Specifically, the Forbes report references the case of the financial record-keeping giant Depository Trust & Clearing Corp (DTCC), which has used blockchain technology to significantly simplify its day-to-day processes. The Forbes report goes on to note the full extent of its impact:
”[The DTCC is] responsible for keeping the books on 90 million transactions a day, representing most of the world’s $48 trillion in securities —from stocks and bonds to mutual funds and derivatives.”
Furthermore, the DTCC will now begin transferring its 50,000 accounts to a new blockchain-based system. Additionally, the Forbes report notes that this is only one example of how blockchain technology is transforming many different facets of many different industries.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.