Over 80% of the world’s top 100 public companies currently use blockchain technology, according to a survey by market intelligence platform Blockdata.
While interest and adoption by these corporations started as early as 2014, as of September 2021, 81 of the top 100 public companies are using blockchain technology. This figure also includes companies in a research phase, meaning they are exploring opportunities to determine which technology suits them.
Different stages of development
However, even disregarding those merely at the research stage, there are still 65 companies actively developing their blockchain solutions. In fact, Blockdata categorized the companies according to five levels of development with blockchain technology.
While 16 of the world’s top public companies are only at the research stage, another 14 have already initiated pilot programs. This means they are conducting preliminary testing of the blockchain solution to see if it could work for their business.
Meanwhile, blockchain solutions are currently in development at 24 companies, and actually in production at another 27. These latter companies have a blockchain-based product or service that is currently live and used by their users/clients/business partners.
Finally, 19 of these companies had initially got involved in blockchain technology but are no longer active, or had never started.
Blockchain use cases expanding
The survey also included data about which technologies these companies preferred and what they primarily used it for.
Out of the 30 technologies surveyed, Hyperledger Fabric proved to be the most preferred distributed ledger technology (DLT) by the 100 companies. Some 26% of the world’s top 100 public companies use it, followed by Ethereum with 18%, and Quorum with 11%.
According to the survey, one of the main ways these companies utilize blockchain technology is by providing it as infrastructure. Companies have also integrated it into supply chain solutions, improving traceability and provenance. DLT solutions are also naturally being applied in capital markets, for example in clearing and settlements.
Although blockchains have a reputation for being open and distributed, many companies have instead opted for more private solutions. To this end, most appeared to favor permissioned chains that enabled them to build customized, private solutions, like IBM’s Hyperledger Fabric and Sawtooth.
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