- Forbes has published the second edition of its annual Blockchain 50 list.
- Companies need to be valued at $1 billion or more, or generate annual revenue of $1 billion or more to be qualified for the Blockchain 50 list.
- Blockchain technology has massive potential in allowing for decentralized storage of data with a complex layer of security while ensuring transparency.
Forbes has published the second edition of their annual Blockchain 50 list, that curates the top companies and organizations that are utilizing distributed ledger technologies (DLTs) in their service provisions.
The list compiles the companies who use blockchain technology to increase security and enable transparency and speed into their service operations. Companies need to be valued at $1 billion or more, or generate annual revenue of $1 billion or more to be qualified for the Blockchain 50 list.
In the abstract to the list, Forbes has stated that the list normally houses the names of larger tech giants like Amazon, Microsoft, Google, etc., but this year, more cryptocurrency-focused companies have made a list including Bitfury, Coinbase, and Ripple.
The list had e-commerce giant Amazon take the leading spot with their Hyperledger Fabric blockchain tool that allows other businesses to build services using blockchain without having to develop it on their own.
But this doesn’t mean that the list lacked diversity in terms of industry sector. The list was mostly dominated by financial institutions like Citigroup and JPMorgan Chase as would be expected, but it also housed Nestle.
The multi-national food company, commerce, and retail companies like Amazon and Walmart, BMW, an automobile manufacturer, and tech giants, as discussed before, like Google and Microsoft.
Blockchain technology has massive potential in allowing for decentralized storage of data with a complex layer of security while ensuring transparency. When the technology was initially introduced as a transaction protocol for Bitcoin, it wouldn’t have been expected how far-reaching the potential applications for blockchain technology would reach.
Today it is being deployed in various sectors, with many of them generating massive revenue while providing quality services to the users. The number of diverse candidates on the Blockchain 50 list is a clear indicator of the trajectory that the technology is taking and where the future is headed.