Most companies on the list are using blockchain to make their operations more efficient, says Forbes
Forbes released its third annual ‘Blockchain 50’ list yesterday, featuring companies that lead in employing distributed ledger technology and have revenue or a valuation of at least $1 billion. The list, dominated by businesses using blockchain to resolve logistical issues, featured 21 newcomers, including the world’s largest bank i.e., the Commercial Bank of China.
11 of the 21 new entrants are engaged in blockchain and DLT-based solutions to issues surrounding supply chains, product tracking and shipping information. The newcomers, including four from Asia, take the spots of US-based giants like Facebook, Google, Amazon and Ripple that have kept relatively low profiles in the blockchain space over the last 12 months.
“Companies are employing the technology underlying Bitcoin to perform tasks such as reconciling invoices and verifying product provenance, [..] dozens are also holding Bitcoin as a treasury asset”, Forbes stated.
Boeing, Oracle and Coca-Cola’s CONA Services are some of the big names featured on the list. Boeing is currently working on developing a blockchain-enabled air traffic control system for drones. Oracle is operating a 300 + customer maritime shipping consortium. CONA services is using blockchain technology to track orders, shipments and invoices between bottlers.
One of the popular new entrants is French supermarket chain Carrefour, which is currently tracking at least 30 product lines via its food traceability blockchain. Sappi is using blockchain to improve the sustainability of the global supply chains, especially through natural materials and packaging.
“Hundreds of sizable companies are now using Bitcoin and its underlying technology to make their operations more efficient”, Forbes said indicating the reason behind the dominance of logistical and supply chain projects in the list.
“Most companies on the Blockchain 50, however, are not Bitcoin speculators but rather are looking to employ the technology underlying the cryptocurrency in innovative ways”, it added.
From the cryptocurrency industry, the world’s largest cryptocurrency exchange Binance, and the US’ largest exchange Coinbase, are some of the featured businesses. Binance’s achievement of supporting over 100 blockchains on their exchange and The Coinbase Card, which allows users to spend their cryptocurrency anywhere, are highlighted in the report.
Others on the list include MicroStrategy for buying more than $1 billion in BTC during 2020 and Kakao, South Korea’s biggest messaging app for developing ‘klay’, its very own cryptocurrency.
The enterprise-driven, global blockchain logistics market is expected to be worth $765.5 million by 2025. The field is witnessing emerging competition as more companies realise the utility of blockchain in simplifying age-old logistical or supply-chain mechanisms.