Breaking down the Forbes Blockchain 50

BLOCKDATA
BLOCKDATA
Apr 24, 2019 · 4 min read

Update: we have published a new breakdown for the 2020 list.

Last week, Forbes published its Blockchain 50 list, made up of the world’s* biggest companies that are actively working with blockchain technology. Included in the list are a handful of blockchain startups themselves, each with minimum valuations and/or sales of over $1 billion. We decided to take a deep dive into the companies on this list to see if we could spot any interesting trends. We found that:

  • The most popular development platforms are Ethereum and Hyperledger Fabric, with two thirds of the companies using these technologies.
  • Most companies on the list are using multiple technologies.
  • Worldwide spending on blockchain technology is projected to hit $2.9 billion in 2019.

*to be included, companies must have at least some US-based operations.

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Playing the field

Corda is the next most popular platform with 14 companies. Corda is enterprise distributed ledger technology (DLT) from the R3 consortium, which is made up of 200 of the world’s biggest banks and multinationals. JP Morgan’s Quorum, which powers its Interbank Information Network of 75 worldwide banking partners, is being actively developed on by 11 of the Forbes Blockchain 50. Like Ethereum, Hyperledger, and Corda, Quorum is open source and is being contributed to by developers all over the world. IBM, one of Hyperledger’s primary supporters, has five of the Forbes Blockchain 50 developing on its own platform.

The most interesting trend across these 50 companies is that nearly all of them are building on more than one blockchain platform. While these firms may end up committing to developing on a singular technology (such as Ant Financial or Oracle), it is clear that for now, they are hedging by working with multiple platforms. In the diagram below, you will see these company logos appear in multiple columns.

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Room to grow

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This investment will be led by the financial services sector. The most popular use case in 2019 is cross-border payments and settlements with over $450 million in investment pouring in. And as we wrote about in our report on remittances, technology designed to address existing inefficiencies can be used for intra- and inter-bank payments as well as for individuals to instantly send money abroad at significantly cheaper rates. The use of blockchain technology will help the remittance market to grow to over $1 trillion in the next three years.

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The area with the next most investment is trade finance and post-trade/transaction settlements. It should not come as a surprise that a $16 trillion industry where most processes are still done on paper is ripe for disruption. As we wrote recently, a number of consortia are working to use DLT and blockchain to reduce the inefficiencies of legacy systems.

The area with the fastest growth in blockchain investment is the manufacturing and resources sector at 77.6% CAGR (compound annual growth rate). The primary interests here are in asset management, provenance (i.e. where something comes from), and identity management.

One more thing…

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Blockdata

A simpler way to do blockchain research.

BLOCKDATA

Written by

BLOCKDATA

Tracking the growth of blockchain technology through data. Try our app here: https://bit.ly/Accessdata

Blockdata

Blockdata

A simpler way to do blockchain research.

BLOCKDATA

Written by

BLOCKDATA

Tracking the growth of blockchain technology through data. Try our app here: https://bit.ly/Accessdata

Blockdata

Blockdata

A simpler way to do blockchain research.

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