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Financial news outlet Forbes released a list of “Blockchain’s Billion Dollar Babies,” companies which are working with blockchain and have a minimum revenue or valuation of $1 billion. In the article published on April 16th, the 50 companies listed are carrying out projects powered by Bitcoin, Ethereum and every other cryptocurrency’s underlying technology, blockchain.
While the cryptocurrency industry as a whole is facing a brutal bear market that has been going on for over a year now, the technology that powers the whole industry has seen a lot a big push towards mass adoption. Big mainstream companies were named in the article by Forbes, painting a picture of a bright future for blockchain technology. The reasons for this attention that blockchain is receiving is all because of what it brings to the table for these companies.
The article gives the example of Depository Trust & Clearing Corp (DTCC), which is a company responsible for keeping the books on upwards of $90 million worth of transactions on a daily basis. From stocks and bonds to mutual funds and derivatives, DTCC represents a huge chunk of the world’s $48 trillion in securities. As per the article by Forbes, DTCC is set to launch AxCore in a few months; AxCore is a customized digital ledger which will be responsible for storing the data on about 50,000 accounts from DTCC’s Trade Information Warehouse. The warehouse is known to have the records for $10 trillion in credit derivatives.
The article also names other big mainstream companies which are utilizing blockchain technology to speed up business processes, increase transparency and save billions of dollars in the process. Walmart is using a blockchain-based system to track shipments and avoid food spillage, and the company has already filed over 50 blockchain related patents. Microsoft, Intel, IBM, Google, Nestle, Coinbase, Comcast, Metlife, Seagate, Samsung, and Unilever are some other big names that are already working with blockchain-powered software solutions.
Talking about the projected impact of blockchain technology over international industries, the article presents data from International Data Corp, claiming that government and corporate spending on blockchain technology will reach $2.9 billion this year, an increase of 89% over last year. When PwC surveyed 600 execs last year, 84% said their companies are involved with blockchain, Forbes claimed.