According to a survey by Blockdata, more than 80% of the 100 largest publicly traded companies in the world are currently using blockchain.

Blockchain and different stages of development

Although corporate interest and approval for blockchain began to blossom in 2014, only 81 of the top 100 publicly traded companies are using blockchain as of September 2021. This number also includes companies that are in the research phase, which means they are exploring many new ways to determine which technology fits the business model.

But even without those in the research phase, there are 65 companies that are actively developing their blockchain solutions. In fact, block data has classified companies according to five stages of development using blockchain technology.

While the 16 largest listed companies in the world are only in the research phase, another 14 have already started pilot programs. This means that they do preliminary tests of their blockchain solution to see if it can work for their business. Blockchain solutions are now being developed at 24 companies and even used directly at 27 others.

After all, 19 of these companies were originally involved in blockchain but are now either out of business or never officially formed. The survey also clearly describes the dataset of what technologies these companies prefer and what they primarily use them for.

Out of the 30 technologies examined, Hyperledger Fabric emerged as the most preferred distributed ledger (DLT) technology, chosen by 100 companies. About 26% of the 100 largest public companies in the world use DLT, followed by Ethereum at 18% and Quorum at 11%.

According to the survey, one of the most important ways these companies are using blockchain is to deploy it as infrastructure. Companies have also incorporated it into supply chain solutions to improve the traceability and origin of products. Of course, DLT solutions are also used in the capital markets, for example in clearing and settlement.

While blockchains are known to be open source and decentralized, many companies have opted for more private solutions instead. Hence, most seem to prefer licensed chains that allow them to create custom, private solutions like IBM’s Hyperledger Fabric and Sawtooth.

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