Research firm CB Insights and Blockdata, a computer company acquired by CB Insights this September, has unveiled its first annual Blockchain 50 list of 50 private companies that are implementing or analyzing blockchain technology to solve business or consumer-related problems across a variety of industries.
Jonathan Neagle, CEO and co-founder of Blockdata, told Cointelegraph that the Blockchain 50 list represents an annual ranking of the 50 most promising companies in the blockchain ecosystem. Specifically, Knegtel notes that companies are addressing consumer and commercial use this year:
This introductory Blockchain 50 category is made up of companies that do a number of good things in categories such as capital markets, custodian services, portfolios, stock exchanges and more. These companies are paving the way for blockchain businesses as the industry matures and expands fully, and we look forward to tracking its progress in the coming years. ”
Private companies are paving the way for commercial adoption
Knegtel also said that Blockdata and CB Insights’ analyzes focused exclusively on private companies that raised equity funding. “We have not included open source projects like Bitcoin and Ethereum,” he commented.
While open source projects are critical to the blockchain ecosystem, Knegtel explained that all companies such as R3, BitGo, Chainalysis, and Coin Metrics have been accounted for and all have been successful in reaching or building a path to commercial adoption.
For example, blockchain analysis company Chainalysis recently expanded its certification program to include the broader community so that organizations, government officials and financial services professionals can become certified by Chainalysis Cryptocurrency Fundamentals. In addition, R3 operates blockchain platforms such as Contour, which are used by leading financial institutions in trade finance transactions.
Additionally, Knegtel revealed that Blockchain 50 listed companies are made up of early stage startups alongside well-funded mono companies. For example, Knegtel notes that 10% of the 50 winners have income or more than $ 1 billion from their most recent funding round. “The five unicorn companies on this year’s list are just a few large companies backed by a number of prominent investors and showing strong growth,” he said.
The USA, Great Britain and Switzerland stand out.
Although the Blockchain list includes 50 innovative companies from around the world, it is interesting to note that most of the listed companies are based in the United States. According to the Blockchain 50 World Map, North America is home to leading blockchain companies such as Coinbase, ConsenSys, Abra, and more. Coincidentally, the United States also has the top spot for blockchain patents, although the Chinese company Alibaba has filed many patents this year.
While this is the case, Knegtel pointed out that 40% of the 50 blockchain companies of 2020 are located outside the United States. He noted that the UK and Switzerland are next in terms of the number of innovative blockchain companies:
“The United States is home to most of the Blockchain 50 companies as they remain the main source of funding for projects already implemented. However, we are seeing the launch of major blockchain initiatives from companies and governments around the world. Headquartered in Europe, in countries such as the UK and Switzerland. ”
Specifically, the Blockchain 50 report lists eight companies from the UK and Switzerland. This should come as no surprise despite recent innovations being considered in these regions.
For example, the Swiss Federal Ministry of Finance has begun the process of passing blockchain-oriented laws across the region. The Federal Council is seeking to enact these laws from August 2021.
The UK is also making progress in encouraging cryptocurrency adoption, which could lead to the creation of a blockchain-friendly territory. For example, the UK Financial Conduct Authority recently created a temporary registration system for cryptocurrency companies seeking approval. The UNITED KINGDOM has also announced new proposals to regulate a stable currency and has also expressed interest in the central bank’s digital currency.
How Blockchain 50 was chosen
Since the Blockchain 50 list contains a number of interesting results, it is important to point out the selection process for the companies mentioned.
Knegtel explained that the winners were selected from 2,700 companies.