Forbes Blockchain 50 2022

Cryptocurrencies hog the highlight, however blockchain’s largest improvements are beneath the floor, saving billons annually for the world’s largest firms.

Reported by Maria Abreu, Nina Bambysheva, Justin Birnbaum, Lauren Debter, Michael del Castillo, Steven Ehrlich, Chris Helman, Katie Jennings, Jeff Kauflin, Javier Paz, Jon Ponciano, Marie Schulte-Bockum  

You’ve come a good distance, blockchain! Since our inaugural roundup of the Blockchain 50, printed in 2019, the billion-dollar firms (minimal, by gross sales or market worth) on our annual listing have moved past take a look at initiatives and now depend on “distributed ledger” expertise to do critical work. Lots of the motion is within the again workplace, verifying insurance coverage claims or facilitating actual property offers. It has additionally develop into very important to provide chains, whether or not checking the provenance of battle minerals like cobalt or monitoring auto components for Renault. Nearly half of the Blockchain 50 are primarily based outdoors the United States; 14% are Chinese. New this 12 months: enterprise capital companies, which as a gaggle invested greater than $32 billion within the sector in 2021. 

Cryptocurrencies like bitcoin and ether seize all of the headlines, particularly after booming final 12 months after which shedding greater than $1 trillion in worth since November. But in some ways, speculative cryptocurrencies are the least intriguing blockchain software. The most lasting impression will come as increasingly multinationals combine blockchains into their every day operations, unleashing untold efficiencies. 



In October 2021, the corporate that makes Photoshop and the keeper of the PDF format launched Content Attribution, which lets creators export their photographs on to sure nonfungible-token (NFT) exchanges: KnownOrigin, OpenSea, Rarible and SuperRare. The function lets artists shield their work towards fraudulent claims by irrefutably proving their provenance earlier than “minting” them as NFTs prepared for public sale. The service will finally be obtainable to all of Adobe’s 20 million Creative Cloud subscribers. 


KEY LEADER: Will Allen, VP at Adobe overseeing its Content Authenticity Initiative 



The insurance coverage big ($164 billion, 12-month gross sales) makes use of blockchain to streamline cross-border auto insurance coverage claims in Europe. Different groups and incompatible databases used to imply a number of back-and-forth emails. Claims may take months to settle. Now there’s a single supply report of every declare. Processing time has been diminished to minutes, and prices have fallen 10%. So far it’s being utilized by 25 Allianz subsidiaries to settle 850,000 claims. 

BLOCKCHAIN PLATFORMS: (*50*) Fabric, Corda 

KEY LEADER: Bob Crozier, chief architect of Allianz Technology and international head of blockchain for Allianz Group 

Andreessen Horowitz 


Arguably the biggest crypto investor on the earth, the enterprise capital store also called “a16z” has raised round $3.1 billion in three devoted blockchain funds over the previous three years. That contains the huge $2.2 billion Crypto Fund III, which launched in June 2021. In whole, the blue-chip agency has funded at the very least 60 startups working with blockchain and was an early investor in Coinbase, now valued at $34 billion. a16z additionally hopes to form crypto regulation, having employed former officers from the SEC, Treasury and the Department of Justice to foyer policymakers. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum, Solana, Flow, Celo, Near, Arweave and others 

KEY LEADER: Chris Dixon, basic companion and chief of a16z Crypto 

Ant Group 


Since July 2020, this Alibaba affiliate has devoted 10,000 builders to blockchain. Already they’ve created 30 functions, producing over 100 million blockchain-tracked paperwork together with patents, vouchers and warehouse receipts. The most mature AntChain software is Trusple (Trust Made Simple), which connects worldwide consumers of merchandise and parts—beads within the attire trade, say—to six million Chinese sellers. The app simplifies tax, customs and delivery, and permits banks to immediately full cost, decreasing auditing prices and default threat. Nearly 20 international banks together with CitiBank, BNP Paribas, Singapore’s DBS and Japan’s Mizuho are offering financing by way of the platform. 


KEY LEADER: Geoff Jiang, president of Intelligent Technology Business Group, Ant Group 



The $137 billion (gross sales) Blue Cross Blue Shield licensee is testing the blockchain to attempt to velocity up an arcane administrative course of often called “coordination of advantages,” which determines one’s main insurer. It often requires a collection of faxes (sure! faxes!) and cellphone calls and may take as much as three months. Through a shared ledger with Chicago-based Health Care Service Corporation for sure Medicaid members in Texas, the businesses now make this willpower in minutes or hours. Anthem’s blockchain program processes round 3,000 to five,000 verifications a month. 


KEY LEADER: Rajeev Ronanki, Anthem’s president of digital platforms 



Unintended coverage cancellations are an enormous downside for insurers and sometimes happen when a buyer underpays or forgets to pay a premium. In 2021, insurance coverage dealer Aon ($12 billion, 12-month gross sales) partnered with insurance coverage provider Zurich to maneuver invoicing to an immutable blockchain ledger—already resulting in a double-digit lower in cancellation notices. The expertise, often called Adept, was developed by a subsidiary of Acord, the Pearl River, New York–primarily based physique that units requirements for the worldwide insurance coverage trade. Aon hopes to carry 10 extra counterparties onto its blockchain this 12 months. 


KEY LEADERS: Christa Davies, CFO 

A.P. Moller—Maersk 


The world’s second-largest container shipper ($54.5 billion trailing 12 months) now counts 250 ports and 20 ocean carriers utilizing its proprietary TradeLens blockchain, which cuts time and reams of paperwork out of monitoring containers as they transfer by means of international seaports. Sportswear big Puma, which ships out of northern Germany, can now observe a particular container in seconds slightly than hours, in keeping with Maersk. TradeLens, which Maersk co-developed with IBM in 2018, has tracked greater than 55 million container shipments and is now being utilized by different delivery giants corresponding to Germany’s Hapag-Lloyd and Singapore’s Ocean Network Express. 

BLOCKCHAIN PLATFORMS: TradeLens, (*50*) Fabric 

KEY LEADER: Christian Hammer, chief expertise officer, TradeLens 



China’s fourth-largest tech agency has 20,000 builders constructing (principally) monetary functions on its open-source blockchain. Last 12 months they generated $47 million in income, a drop within the bucket for the $15.5 billion (gross sales) agency, however the future seems to be shiny. In September Baidu received its largest contract thus far, a $25 million cope with the federal government of Tongxiang, a metropolis southwest of Shanghai, to construct software program to trace the availability chain for the roughly $5 billion price of artificial fibers used to make garments within the textile heart. Efficiencies from transferring its workflow to a shared ledger have already reduce lending prices by 50 foundation factors. Baidu estimates that the blockchain has helped scale back the availability chain’s power consumption by 17% and will take away 15,000 tons of carbon dioxide from the atmosphere annually. 


KEY LEADER: Xiao Wei, chief supervisor of Baidu Blockchain



In 2020 BHP, the $61 billion (gross sales) Anglo-Australian multinational mining outfit, offered its first “paperless” cargo of Australian iron ore to China. That developed in 2021 to buying and selling cargoes of copper focus to China, with all paperwork, assays and emissions information enshrined on its MineHub blockchain platform. BHP has since adopted blockchain-based traceability to make sure there’s no “dilution” of the nickel it sells to Tesla’s Shanghai battery manufacturing facility and to trace the carbon emissions of the copper it sends from Chile to electrical cable maker Southwire in Carrollton, Georgia. BHP is now in talks with suppliers to make use of blockchain to ensure that the rubber within the 6,000 big truck tires it makes use of annually was produced with out slave labor or unlawful deforestation. 

BLOCKCHAIN PLATFORMS: MineHub, (*50*) Fabric 

KEY LEADER: Michiel Hovers, group gross sales and advertising and marketing officer 



Twitter cofounder Jack Dorsey’s different firm, previously often called Square, generated $42 million in charges from its Cash App’s bitcoin brokerage in simply the third quarter of 2021. It’s a protected and simple method for crypto newbies to get into the sport: Block generated $9.8 billion in income from bitcoin gross sales within the 12 months ending September 2021. Dorsey left Twitter in November and is a vocal crypto booster, so count on Block to lean into its new identify. In July, it created a enterprise referred to as TBD, which focuses on constructing a decentralized monetary system and is trying to construct an energy-efficient bitcoin mining system. 


KEY LEADER: Jack Dorsey, CEO 

BNY Mellon 

New York 

This 238-year-old financial institution is totally embracing the longer term: The establishment that Alexander Hamilton began now desires to be king of back-office servicers for crypto ETFs. The agency already has 90% market share in Canada, that means it gives tax and administrative providers to a lot of the 17 crypto ETFs presently buying and selling up north. In October it introduced one other huge ETF applicant, Grayscale’s $23 billion Bitcoin Trust. New York–primarily based Fireblocks, which gives crypto custody providers, is a brand new BNY Mellon funding valued at $8 billion. 


KEY LEADERS: Roman Regelman, CEO of asset servicing and head of digital; Mike Demissie, head of digital belongings; Ben Slavin, international head of ETFs 



Boeing is partnering with Canada’s TrustFlight and developer RaceRocks to construct a so-called digital plane report system that helps airways sustain with required upkeep. This expands on Boeing’s earlier blockchain initiative with Honeywell’s GoDirect Trade platform, which in 2020 securely offered $1 billion in Boeing plane components. In time they envision a worldwide airworthiness information platform, which may save 25% in upkeep prices—price billions yearly throughout the trade. 

BLOCKCHAIN PLATFORMS: Go Direct, (*50*) Fabric, (*50*) Indy 

KEY LEADER: Charles S. Sullivan, president, Boeing Canada Operations 



The luxurious watchmaker now tracks 320,000 timepieces on the blockchain, giving clients entry to detailed product historical past and proof of authenticity. Breitling can also be utilizing it to maneuver into the resale market. Want to promote an Avenger you got a decade in the past? You can get an instantaneous appraisal by way of your digital pockets. Looking to purchase? Like consulting Carfax earlier than buying a Toyota, you’ll be able to simply try the variety of earlier homeowners and restore historical past. In February, Breitling will let European homeowners purchase, promote or commerce timepieces on-line; it already permits clients to commerce in outdated watches for retailer credit score. It’s working assessments in Switzerland to let clients shortly alert police to stolen items by way of their digital pockets and is experimenting with blockchain-based guarantee claims for misplaced watches. 


KEY LEADER: Antonio Carriero, chief digital and expertise officer 

China Construction Bank 


The world’s second-largest financial institution, with $4.7 trillion in belongings, has to date processed $141 billion price of transactions on personal blockchains for the whole lot from supply-chain financing to cross-border funds. Among its newer merchandise is EasyPay, designed to make it less complicated for companies to ship giant, paperwork-intensive transactions with fewer errors and fewer want for audits. If an organization in Guangxi desires to purchase palm oil from Labuan, Malaysia, the counterparties can load their commerce contract, receipts and waybills into the shared ledger. Local CCB branches can then course of each halves of the commerce in parallel, as a substitute of sequentially. The consequence: Total settlement time is diminished from two days to about ten minutes. The platform now connects 14,000 financial institution places. 

BLOCKCHAIN PLATFORMS: Tianshu BaaS, CCB Chain, BC Trade 2.0 

KEY LEADER: Lei Xing, senior supervisor at CCB Financial Technology Company 

CME Group 


In October, the greenback worth of Chicago Mercantile Exchange crypto futures reached $4.7 billion every day, briefly making the CME the biggest crypto derivatives trade on the earth. That similar month the SEC accredited the primary U.S. bitcoin futures ETF, Proshares Bitcoin Strategy ETF (BITO), which now has $1 billion in belongings. CME has launched crypto futures contracts for ethereum, in addition to “micro” bitcoin and “micro” ethereum futures, tailor-made for individuals who wish to make investments $150,000 or much less. 


KEY LEADER: Tim McCourt, international head of fairness index and various investments 



The largest crypto trade within the U.S. went public in April 2021, and its market worth soared as excessive as $94 billion earlier than settling to a current $40 billion. In the third quarter of 2021, Coinbase logged extra income ($1.3 billion) and internet revenue ($406 million) than in all of 2020, whereas its buyer base swelled from 43 million to 73 million within the first 9 months of the 12 months. Next: diversification. Its “Coinbase Cloud” software program goals to assist builders construct crypto functions, and in October, it introduced an NFT market to compete with OpenSea. A month later, CEO Brian Armstrong advised buyers Coinbase NFT may develop into “as huge or greater” than its buying and selling enterprise. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum and dozens of others 

KEY LEADER: Brian Armstrong, CEO 

De Beers 


The $5.1 billion (12-month gross sales) diamond producer has registered greater than 400,000 stones, price some $2 billion, on its Tracr blockchain, up 50% since January 2021. The platform information a diamond’s reduce, shade, readability and karat, then tracks it alongside the availability chain. Users can immediately confirm the rock’s origin and authenticity with a easy scan because it’s mined, reduce, polished and offered—eliminating the necessity for pricey and time-consuming mail-in verification. Tracr now has greater than 30 trade contributors, together with Zales, Jared and Kay Jewelers. 


KEY LEADER: Jason McIntosh, chief product officer, Tracr 

Depository Trust & Clearing Corporation 


If you acquire or offered a safety within the U.S. final 12 months, odds are that the clearing and settlement providers had been offered by DTCC, far and away the biggest post-services agency on the earth. In September DTCC, which processed $2.3 quadrillion in 2020 trades (whole face worth of the securities; trailing 12-month gross sales $2 billion), efficiently accomplished a six-month take a look at on a blockchain undertaking that may scale back errors and reduce settlement occasions from two days to lower than one. DTCC’s foremost enterprise stays publicly listed securities, however its new Digital Securities Management software is focusing on pre-IPO firms with privately traded shares. 


KEY LEADER: Rob Palatnick, managing director and international head of tech analysis 

Digital Currency Group 


Think of DCG as a crypto conglomerate. The agency owns 5 main crypto firms: buying and selling platform Genesis, information web site Coindesk, digital asset trade and pockets Luno, bitcoin mining agency Foundry and Grayscale, the biggest digital asset supervisor on the earth, with greater than 150 portfolio firms and $39.6 billion beneath administration. In November, DCG raised $700 million in a personal inventory sale led by Softbank at a $10 billion valuation, bumping founder Barry Silbert’s internet price to $3.2 billion. DCG’s latest startup, Foundry, has taken benefit of crypto miners being banned from China in May to create the world’s largest bitcoin mining pool, offering 19% of the community’s whole processing energy. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum, Litecoin and others 

KEY LEADER: Barry Silbert, CEO 



Fidelity began mining bitcoin in 2015 when it was buying and selling beneath $500, making the $11.1 trillion asset administrator one of many first conventional establishments to dabble in crypto. But true to its conservative nature, the 401(okay) big (2020: $21 billion gross sales) steered retail clients away from proudly owning crypto instantly. Its foremost crypto area of interest at the moment isn’t retail however offering custodial providers and analysis to institutional shoppers by means of its Fidelity Digital Assets unit. The variety of these huge shoppers doubled to just about 200 in 2021. Next: abroad growth. Last 12 months, Fidelity launched a Canadian bitcoin ETF and secured a everlasting crypto license from the U.Okay. monetary regulator. 


KEY LEADER: Tom Jessop, head of Fidelity Digital Assets 



Led by 29-year-old Sam Bankman-Fried, the world’s richest crypto billionaire (internet price: $26.5 billion), FTX dominates the hypercompetitive crypto trade panorama. It handles some 10% of the $3.4 trillion face worth of derivatives (principally futures and choices) traded by crypto buyers every month. FTX pockets 0.02% of every of these trades on common, good for round $750 million in almost risk-free income—and $350 million in revenue. Additionally, the corporate hauled in a report $1.5 billion in personal funding final 12 months, rocketing its valuation from $1.2 billion to $25 billion. Eager to develop into a family identify, FTX is spending a whole bunch of tens of millions of {dollars} on advertising and marketing, signing up a slew of movie star model ambassadors together with Tom Brady, David Ortiz and Kevin O’Leary. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum, Solana and dozens extra 

KEY LEADER: Sam Bankman-Fried, CEO 



The $32 billion (12-month gross sales) telecommunications and pc {hardware} firm runs a blockchain innovation lab in Brussels with greater than 40 shoppers— from a rice-trading startup to large brewer Anheuser-Busch. The firms use the lab to check recent concepts, backed by Fujitsu’s technical experience. In November, for instance, water purification agency Botanical Water Technologies began constructing a buying and selling platform utilizing Fujitsu’s in-house distributed ledger expertise, which can enable sugar mills, distilleries and cola makers to promote or reuse the water they’d usually discard throughout manufacturing. The platform, launching in April, will hint the water because it’s purified, offered and delivered, and provides firms the choice to donate a portion of their purified water to water-scarce communities. 

BLOCKCHAIN PLATFORMS: (*50*) Fabric, Besu and Cactus, plus Ethereum 

KEY LEADERS: Frederik De Breuck, head of Enterprise Blockchain Solution Center; Shingo Fujimoto, supervisor of knowledge and safety laboratory, Fujitsu Research 

Industrial and Commercial Bank of China 


The largest financial institution on the planet ($5.6 trillion in belongings) has 40 blockchain functions, which final 12 months dealt with a complete of greater than $48 billion price of transactions for native governments and industries together with building and transportation. Among its most revolutionary apps is Icago, which rewards customers for making use of energy-efficient automobiles, whether or not trains, buses or electrical automobiles. The financial institution’s blockchain connects wallets owned by ICBC clients to authorities transportation information. Carbon credit issued by the transit fee as nonfungible tokens could be redeemed for China’s new central-bank digital foreign money. In the longer term, securitized carbon emissions shall be offered as bonds to firms trying to meet carbon discount necessities. In Qingdao, a metropolis recognized for its beer, this system eliminated 99,000 kilograms of carbon in 2021. This 12 months, this system will broaden to Shenzhen, Shanghai, Chengdu and 7 different cities. 


KEY LEADER: Chaowei Liu, principal supervisor 

JPMorgan Chase 


JPMorgan’s Onyx Digital Assets community is making waves within the large ($1.5 trillion a day, face worth) repo market, the in a single day authorities bond market that’s a gradual supply of income for giant monetary establishments. By utilizing good contracts and JPM Coin, a digitized model of the U.S. greenback, Onyx repo trades settle in actual time as a substitute of in a single day, decreasing settlement threat and guide processing. The intraday repo software has to date facilitated the motion of $230 billion in trades, finishing about $1 billion in transactions a day. In June, Goldman Sachs started utilizing Onyx. 


KEY LEADER: Umar Farooq, CEO of Onyx by JPMorgan 

Kakao Corporation 

Jeju-si, South Korea 

South Korea’s dominant cellular messenger software, KakaoSpeak, is utilized by almost 90 % of the nation’s 52 million folks, and as of May 2021 it has a market for buying and selling NFTs. Called KrafterSpace, the trade is totally built-in with OpenSea, the San Francisco–primarily based NFT bazaar that just lately raised cash at a $13.3 billion valuation. On KrafterSpace customers should buy tokenized paintings instantly by means of Kakao’s messenger app with the accompanying digital pockets, referred to as Klip Drops. Both KrafterSpace and Klip Drops are constructed on Kakao’s personal blockchain, Klaytn, which has greater than 800,000 lively customers. Separately, in August, Kakao launched a $515 million Klaytn Growth Fund to assist builders prepared to contribute to its blockchain’s ecosystem. 


KEY LEADER: David Shin, head of Klaytn Global Adoption 

LINE Corporation 


Part of Z Holdings, the $36 billion (market cap) Japanese web conglomerate that additionally owns Yahoo Japan and Japan’s PayPal competitor, LINE is the nation’s largest messaging app, with 300 million customers. The firm has developed a proprietary blockchain, additionally referred to as LINE, owned by Softbank Group and South Korean web conglomerate NAVER Corporation. Its providers embody a cryptocurrency trade, an NFT market and a digital pockets with greater than 254,000 registered accounts. The related cryptocurrency, LINK, is an enormous hit, attracting almost one million miners. As of late January it had a market cap of $669 million. 


KEY LEADERS: Woosuk Kim, CEO of Unblock and LINE Tech Plus; Keun Koo, head of blockchain growth at Unchain 

Marathon Digital Holdings 


Five years in the past, Marathon was principally often called patent troll, submitting a raft of lawsuits (most settled out of courtroom) towards company giants like Apple, Amazon, Dell, Yahoo, Pinterest and Twitter. In 2017 the operation had annual revenues of lower than a $1 million and a market cap of lower than $10 million. It aggressively pivoted towards bitcoin mining in 2017, and the Nasdaq-traded firm now has a market cap of $2 billion on income of lower than $100 million. An enormous beneficiary of China’s bitcoin-mining ban, Marathon presently holds at the very least 8,133 bitcoin price $300 million. The firm intends to place to work 70,000 extra servers in early 2022, rising its computer systems dedicated to crypto mining to 199,000, good for about 1.2% of whole international bitcoin mining exercise. 


KEY LEADER: Fred Thiel, CEO 



Twenty-four crypto playing cards, together with Gemini, Uphold, CoinJar and BitPay, have been launched by Mastercard, letting clients spend their digital belongings at 80 million distributors world wide. In October, the bank card big partnered with Bakkt, a subsidiary of Intercontinental Exchange (proprietor of the New York Stock Exchange), which can present expertise to permit much more Mastercard issuers the power to accommodate cryptocurrency transactions. Mastercard additionally runs a blockchain incubator referred to as “Start Path,” which has to date assisted 12 crypto startups, giving them direct entry to the multinational firm’s merchandise, clients, workshops and mentoring. 

BLOCKCHAIN PLATFORMS: Terra, Rootstock, Monero, Bitcoin Cash, Litecoin, Bitcoin, Ethereum, Avalanche 

KEY LEADERS: Raj Dhamodharan, government vice chairman of digital belongings and blockchain merchandise and partnerships 



Facebook’s resolution to rebrand as Meta and go all in on the (principally) theoretical “metaverse” could possibly be a boon to blockchain in addition to Facebook, with its 2.9 billion member international group. After all, an immersive, all-encompassing digital world is a pure atmosphere for cryptocurrencies, customized avatars, NFTs, blockchain gaming, digital wallets and extra. Let’s hope Facebook has extra success with the metaverse than it did with Libra, its much-hyped cryptocurrency that was introduced in 2019, renamed “Diem” in 2020 and offered to California financial institution Silvergate Capital in January 2022 for $182 million. To date little is thought in regards to the expertise underlying Facebook’s metaverse. 


KEY LEADER: Mark Zuckerberg, CEO 



Enterprise software program supplier MicroStrategy and its crypto-Kool-Aid-guzzling CEO, Michael Saylor, are company America’s largest bitcoin homeowners. The D.C.-area agency, which nominally makes boring back-office enterprise software program, has remodeled itself in the course of the pandemic right into a crypto buying and selling powerhouse. MicroStrategy now holds 124,391 cash price $4.6 billion at at the moment’s costs and has booked almost $846 million in crypto buying and selling income since August 2020. 


KEY LEADER: Michael Saylor, CEO 

National Basketball Association 


The NBA’s Top Shot platform has remodeled the sports activities memorabilia enterprise, bringing NFTs to the typical fan. Powered by Vancouver, British Columbia–primarily based Dapper Labs’ “Flow” blockchain, customers can purchase, promote and gather “moments,” akin to digital buying and selling playing cards—corresponding to a LeBron James dunk that just lately offered for a record-setting $230,023. Its reputation isn’t slowing, both. Since November 2020, 1.3 million folks created Top Shot accounts, and whole gross sales have soared from $2.5 million to $992 million. Top Shot’s outsize success has generated broader curiosity about crypto inside the league. The NBA fashioned a blockchain subcommittee to guage future alternatives, launched a WNBA model of Top Shot and entered a multiyear partnership with crypto trade Coinbase. 


KEY LEADER: Adrienne O’Keeffe, vice chairman of world partnerships and media 



The 141-year-old maker of money registers and ATMs desires to create an enormous international community of 1.5 million places that may enable passersby to purchase bitcoin and different cryptocurrencies. In January it purchased Boston-based LibertyX, a bitcoin ATM firm that has 30,000 machines scattered throughout America. In June, NCR spent $2.5 billion to purchase Cardtronics, a Houston firm with 285,000 ATMs at Circle Ks, CVSs and Krogers within the U.S. and 9 different nations. Bitcoin, ethereum and some different cryptocurrencies ought to be obtainable on these machines by the top of the summer time. 


KEY LEADER: Tim Vanderham, CTO 



Through its Swiss Global Palladium Fund, the world’s largest producer of palladium and refined nickel ($17.7 billion, 12-month gross sales) has issued $1.3 billion price of tokenized contracts for its treasured and base metals, together with gold, silver, platinum, palladium, copper and nickel. The contracts, saved on the Atomyze blockchain, assist industrial companies like Umicore, Traxys and Glencore observe the origin and environmental bona fides of their metals and make it simpler to regulate stock ranges. 


KEY LEADERS: Marco Grossi, CEO, Atomyze AG; Alexander Stoyanov, CEO, Global Palladium Fund 



By 2030, some 40% of all new automobiles shall be electrical. Demand for cobalt, utilized in EV batteries, is hovering. Nearly two-thirds of the world’s cobalt provide is mined within the Democratic Republic of Congo, a war-torn nation the place youngster labor and different human rights abuses are frequent. Oracle and British startup Circulor, a raw-materials supply-chain monitoring firm, have constructed a blockchain-enabled platform to hint the provenance of high-risk, conflict-area uncooked supplies corresponding to cobalt. Many of the world’s largest EV producers, together with Volvo, Mercedes-Benz and Polestar, have signed on for the service, which is constructed on Oracle’s blockchain. 


KEY LEADER: Wei Hu, senior vice chairman, excessive availability applied sciences 



Started in 2018 by Coinbase cofounder Fred Ehrsam and former Sequoia Capital companion Matt Huang, Paradigm has shortly develop into one of the outstanding crypto VC companies. Investments starting from $1 million to over $100 million embody FTX, Coinbase, Chainalysis, Uniswap and Sky Mavis. Sixteen are already valued at $1 billion or extra. In November, Paradigm introduced a brand new $2.5 billion fund, the biggest crypto-centric enterprise capital fund ever. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum and others 

KEY LEADERS: Fred Ehrsam and Matt Huang, cofounders 



In October 2020, PayPal launched a crypto brokerage service as a part of its grand plan to develop into a one-stop monetary tremendous app. Crypto customers have interaction with the app twice as a lot as common shoppers, and its providing of crypto rewards by means of the Venmo bank card has been an enormous hit with youthful customers. Although the corporate now lets U.S. clients buy as much as $100,000 in crypto per week, most transactions are a lot smaller; every day buying and selling quantity is estimated to be beneath $50 million. Looking forward, the corporate desires to broaden its crypto choices past the U.S. and U.Okay. and is exploring the launch of its personal stablecoin. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum, Bitcoin Cash, Litecoin 

KEY LEADERS: Dan Schulman, president and CEO; Jose Fernandez da Ponte, SVP and basic supervisor for blockchain, crypto and digital currencies 

Ping An (OneJoin) 


Through its subsidiary OneJoin’s blockchain financing platform, the sixth-largest firm on the earth has made greater than $12 billion in loans to one million small and medium-sized companies in China’s Guangdong province since January 2020. OneJoin’s software program makes use of authorities information to investigate a borrower’s threat profile for banks, reducing transaction processing to as little as 10 minutes—an enormous cash saver for its 788 shopper monetary establishments, together with $5.6 trillion powerhouse ICBC. In November, a OneJoin subsidiary partnered with the People’s Bank of China to make use of blockchain to trace and course of the financing of imports and exports from mainland China and Hong Kong. 


KEY LEADER: Li An, affiliate director of product 



In 2019, Providence, a not-for-profit Catholic well being system, acquired Seattle health-tech startup Lumedic. The prize? Lumedic’s blockchain, which helps resolve time-consuming administrative issues like “prior authorization”—when a health care provider must examine with a affected person’s insurer to make sure sure surgical procedures or drugs shall be coated. In 2021, 16 of Providence’s hospitals and 4 clinics throughout Washington, Montana and Oregon had been utilizing its shared ledger to hurry up prior authorization processing time from days to hours. Last 12 months, greater than 40,000 therapies had been processed on Lumedic’s blockchain. 


KEY LEADERS: Kimberly Sullivan, chief income cycle officer, Providence; Mike Nash, CEO, Lumedic (acquired) 



In response to European regulators’ ever-growing technical necessities, the French automaker ($53 billion 12-month gross sales) launched blockchain platform Xceed in April to trace hundreds of automotive components going into each car manufactured in 16 factories throughout Europe. If any traits—corresponding to the scale of a screw or a headrest’s positioning—aren’t as much as customary, the producer is robotically alerted and may then notify suppliers with the push of a button, saving weeks of time on audits. Partners embody prime suppliers like Faurecia, one of many world’s largest makers of automotive interiors, with $18 billion in annual income. By 2024, Renault hopes to enlist 3,500 suppliers in a bid to trace each one in all its 6,000-plus regulated automotive components and options. Renault has additionally began 20 different in-house blockchain initiatives tackling the whole lot from car-buying transactions to supply-chain traceability. 


KEY LEADER: Odile Panciatici, blockchain VP 

Samsung Group 


Most Americans know Samsung for TVs and different electronics, however these are only one facet of the biggest ($220 billion 12-month gross sales) chaebol (conglomerate) in South Korea. It additionally makes ships, runs theme parks, sells life insurance coverage—and, since 2020, has been utilizing a blockchain-based mortgage platform to make it simpler for small and midsize enterprises to request authorities loans. Previously, such a request required paperwork from three events—the federal government, the credit score guarantor and the financial institution—which might take three weeks on common to course of. The platform reduces paperwork, reducing processing time to 12 days and saving about 13,000 working hours a 12 months. 


KEY LEADER: Jihwan Rhie, head of Blockchain Business Planning 

Signature Bank 


In 2015, Signature turned one of many first banks to simply accept crypto clients. It was a prescient transfer: Total crypto deposits have surpassed $22 billion, and the financial institution has processed greater than $200 billion price of funds on its ethereum blockchain–primarily based proprietary community, Signet. This 12 months the corporate started providing bitcoin-backed loans. It has additionally partnered with stablecoin issuer TrueUSD to permit shoppers to mint and ship instantaneous funds utilizing the dollar-denominated asset. The market is a fan: Over the final 12 months, Signature’s inventory has nearly doubled. 


KEY LEADER: Frank Santora, chief funds officer 

Société Générale 


Last 12 months France’s third-largest financial institution launched Cast Framework by means of its Forge subsidiary. The software program lets each mainstream monetary companies and crypto startups create regulatory-compliant digital securities on a blockchain. A current software was serving to Banque du France refinance $45 million in securities backed by among the financial institution’s home-mortgage portfolio, tracked on a blockchain. Using the blockchain diminished transaction time and saved on auditing prices. SocGen can also be creating a so-called “good contract” library of reusable code particular to monetary providers and has utilized for a French regulatory license that may enable them to handle digital belongings for shoppers. 


KEY LEADER: Jonathan Benichou, chief monetary officer, SG Forge 



The 278-year-old artwork auctioneer, recognized for promoting Picassos, van Goghs and Warhols, is now gleefully hawking cartoon primates and pixelated cyberpunks. In April 2021, Sotheby’s held its first NFT sale, transferring a physique of labor by digital artist Pak for $16.8 million. That was solely the beginning: In all Sotheby’s did greater than $100 million in NFT gross sales final 12 months, contributing to the public sale home’s record-breaking product sales of $7.3 billion. In September, cashing in on the craze for distinctive NFT profile photos on social media, Sotheby’s offered 101 photographs of monkeys, a part of the Bored Ape Yacht Club assortment of 10,000 animal avatars, for $24.4 million. The public sale home now accepts bids in fiat foreign money and cryptocurrency. 


KEY LEADERS: Stefan Pepe, CTO, Sotheby’s; Sebastian Fahey, managing director, EMEA, and government lead for Sotheby’s Metavers 

Stone Ridge Holdings Group 


In 2017, the monetary agency that already owned a $13 billion asset supervisor, launched New York Digital Investment Group (NYDIG), a subsidiary aimed toward serving to institutional buyers purchase and maintain crypto. Stone Ridge has since purchased and held some 20,000 bitcoin (price $740 million at present costs) and final December NYDIG raised $1 billion from 9 VCs together with WestCap and Bessemer Venture Partners at a $7 billion valuation. Institutional shoppers embody JPMorgan, Wells Fargo and Morgan Stanley; final 12 months it cemented partnerships with banking software program giants FIS and Fiserv. 

BLOCKCHAIN PLATFORMS: Bitcoin, Ethereum, XRP, Litecoin,Bitcoin Cash 

KEY LEADERS: Ross Stevens, government chairman; Robby Gutmann, CEO 

Tech Mahindra 


The expertise arm of Indian conglomerate Mahindra Group (2021 income: $5.1 billion) has developed greater than 60 blockchain-based merchandise spanning telecom, media and leisure, manufacturing, retail and power. One of essentially the most fascinating: VaccineLedger, which was developed in collaboration with a startup funded by Unicef and Gavi, the vaccine alliance that oversees a worldwide Covid-19 vaccine database with the World Health Organization. The blockchain helps stop counterfeiting and reduces the variety of vaccines that go to waste by tracing the photographs from producer to recipient. It information information associated to custody, temperature, location and buy orders for every vial. VaccineLedger already operates in two states in India, with plans to broaden globally. 


KEY LEADER: Rajesh Dhuddu, international observe chief of blockchain and cybersecurity 



Over the previous decade, Tencent has constructed a Chinese “tremendous app,” utilized by greater than 1 billion folks for the whole lot from gaming and social media to messaging and buying. Now it’s creating a one-stop blockchain platform, Tencent Cloud Blockchain. Ten provinces and cities together with Hainan, Guangdong and Beijing already use it to concern digital payments for issues like well being care and transportation. As August 2021, Tencent’s blockchain had processed greater than 15 million transactions in a single metropolis alone. 


KEY LEADER: Powell Li, basic supervisor of Tencent Cloud 



Crypto’s city sq., the place Elon Musk shamelessly pumps canine cash and the place tens of millions of tiny merchants attempt to ship their newest purchases to the moon in 280 characters or much less. There had been 220 million tweets about NFTs in 2021 and an extra 60 million in January 2022 alone. And simply because its crypto-obsessed CEO, Jack Dorsey, left in November to dedicate all his time to Block (see web page 68) doesn’t imply company Twitter is forsaking its declare to the decentralized future. Twitter is doubling down on creator instruments, like tipping different tweeters with bitcoin and letting customers show their NFT collections as profile photos—for a price. 


KEY LEADER: Parag Agrawal, CEO 



The bank card big has partnered with greater than 60 crypto platforms together with FTX, BlockFi, Coinbase and Binance to make it straightforward for folks to spend digital foreign money by means of crypto-linked playing cards. All 80 million of Visa’s retailers now successfully settle for crypto as cost, with the funds robotically transformed to fiat foreign money earlier than they obtain it. While crypto transactions could be costly, Visa leaves that headache to its companions, which cost as a lot as 2.5% in Coinbase’s case. Consumers have spent greater than $6 billion utilizing Visa crypto playing cards since October 2020. 


KEY LEADER: Terry Angelos, SVP and international head of fintech 



After a whole bunch of listeria, salmonella and E. coli infections final 12 months, and tens of millions of kilos of recalled meals, the FDA lastly appears to be getting critical about meals security. It introduced in September 2020 that producers and retailers will henceforth be chargeable for monitoring greater than a dozen forms of dangerous meals corresponding to romaine lettuce, delicate cheeses and fish at each level alongside the availability chain so as to determine and toss contaminated gadgets extra quickly. The retailer is already monitoring 1,500 gadgets on the blockchain, triple that of a 12 months in the past. Its meals security initiatives have gotten extra seen to buyers: A current Sam’s Club pilot in China let buyers scan a QR code to realize details about the place the produce was grown and when it was harvested. 

BLOCKCHAIN PLATFORMS: (*50*) Fabric, Walmart Blockchain 

KEY LEADERS: Archana Sristy, senior director, blockchain, Walmart Global Tech; Tejas Bhatt, senior director, international meals security innovation 



One of WeBank’s newest blockchain apps encourages sustainable residing by rewarding customers for doing issues like strolling, taking the bus or recycling clothes. The Chinese digital financial institution, which is 30% owned by Tencent, points Green Bud Points by way of a mini-app on WeChat that may later be exchanged for vouchers and presents. All information are saved on its blockchain to make sure transparency and traceability. The platform already has 1 million every day lively customers and stories that it recorded a discount of greater than 2,500 tons of carbon emissions over 2021. Overall, WeBank has greater than 70,000 coders engaged on its proprietary “FISCO BCOS” blockchain. 


KEY LEADER: Henry Ma, government vice chairman and chief info officer 


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About the Author: Daniel