Forbes Releases "Top 50 Billion-Dollar Companies Exploring Blockchain"
Forbes recently released a new list that features 50 companies — with minimum revenues or valuations of $1 billion and U.S. operations — that are exploring or integrating blockchain technology into their operations. The new Forbes list will ultimately be comprised of 100 companies, but only the initial 50 have been released so far. Already, we have enough information to begin extrapolating findings from their research that present some very encouraging signs for the development of Ethereum and blockchain technology as a whole.
Companies Are Investing In Blockchain Technology
A report from International Data Corp stated that corporate and government spending on blockchain technology has increased by 89% compared to last year, and is set to hit $2.9 billion in 2019. By 2022, the firm reports that total blockchain spending will reach $12.4 billion. In a survey from Deloitte, 95% of respondents stated that their companies plan to invest in blockchain tech this year. Similarly, PwC conducted another survey of 600 executives in which 84% expressed that their companies are already involved with distributed ledger technology.
Behind the Numbers of “Forbes Billion-Dollar Blockchain Babies”
Many of the companies are stated as exploring or using multiple blockchains. Some firms, such as JP Morgan, are likely further in the development process, having already publicly declared that they are using Ethereum for their U.S digital token. Other organizations are perhaps testing various blockchains and developing proof of concepts that can be implemented into their underlying digital infrastructure.
Of the fifty companies, thirty-two are building on Ethereum or Enterprise Ethereum derived blockchains platforms. While the Forbes article doesn’t list commentary, it’s likely that the large developer community, existing standards developed by the Enterprise Ethereum Alliance, and public compatibility are driving some of Enterprise Ethereum’s reported dominance.
Ethereum is the most common blockchain that companies are exploring and integrating into their existing operations. Overall, twenty-four of the fifty companies listed are using the Ethereum blockchain.
What Companies Are Using Ethereum For Enterprise Use Cases?
There are various blockchain uses cases, which is why the list of companies implementing blockchain technology is broad and encompasses many industries.
Supply Chain and Retail
Consumer Goods and Beverages
Banking and Financial Services
Energy
Healthcare and Insurance
Fintech
Software and Information Technology
Telecommunications
Electronics Manufacturing
Enterprise Ethereum Derived Blockchains
Ten companies are developing or exploring Quorum, an Ethereum derived blockchain, and three are exploring Hyperledger’s Sawtooth Ethereum blockchain. Sawtooth-Ethereum — or Seth — is also compatible with the Ethereum Virtual Machine.
In comparison, Hyperledger Fabric has eighteen companies exploring its permissioned blockchain, with twenty-eight using IBM’s blockchain versions such as Fabric, Burrow, Sawtooth, and Indy.
Other notable aspects about the list include Facebook as the only company which blockchain platform is listed as unknown. Additionally, Google is reportedly experimenting with various cryptocurrencies although the only smart contract platform it’s exploring is Ethereum.
More and more companies are engaging and implementing blockchain technology into their existing infrastructure stack. As companies inevitably invest more time and effort into blockchain solutions, they will begin to decide which platforms are best suited for their business and technological needs. If the existing list is any indication of the preferred enterprise blockchain network, it appears Ethereum is far and away leading the pack.
