Forbes recently published the Forbes Blockchain 50, its annual list of the largest companies that use blockchain or invest in cryptocurrency. This year, nine firms indicated they were using Consensys Quorum, with another twenty-two companies investing in or using public Ethereum.
The key criteria for being named to the list is for organizations to, “lead in employing distributed ledger technology and have revenue or a valuation of at least $1 billion.” For the last three years, innovative companies have submitted their names and blockchain projects to Forbes for consideration.
Forbes’ Market Research Reveals Wide Adoption of Blockchain Technology for Enterprise Projects
According to Forbes, “The businesses on this list are outpacing their competition by using blockchain and bitcoin, which was up 300% in 2020 and getting increasingly more respect in the C-suite.”
“The use of blockchain accelerated rapidly in 2020 due to the pandemic - so many companies were jolted into action and became bitcoin adopters,” said Michael del Castillo, Associate Editor, Forbes. “There have never been more businesses undertaking meaningful projects using this technology that qualify for our annual list. Interestingly, most companies on the 2021 Blockchain 50 are not actually bitcoin speculators, but instead are looking for innovative ways to employ the technology underlying the cryptocurrency.”
This year’s Forbes Blockchain Top 50 list noted that nine of the leading companies named to the list were using Consensys Quorum as a blockchain platform for their production projects. Renowned within the finance industry for its ease of use for developing Enterprise Ethereum apps, Consensys Quorum is the leading Ethereum-based distributed ledger protocol for the financial services industry because of its permissioned implementation of Ethereum that supports transaction privacy. Of the 50 companies on the 2021 list, 22 of them are using Ethereum in some way.
Companies using Consensys Quorum
Companies named to the list that are using Consensys Quorum include: Ant Group, Cargill, HSBC, ING Group, JP Morgan Chase, LVMH, Microsoft, Novartis, and State Farm. The State Farm use case is notable for the development of a blockchain insurance subrogation network that helps to accelerate the payment of auto-insurance claims. Putting the insurance claims on blockchain has significantly reduced the exchange of checks and paper-based processes between State Farm and insurer USAA.
“Carrier-to-carrier claims payments will be almost completely automated in the future, saving time and money,” said Sean Burgess, USAA chief claims officer. “Utilizing blockchain technology helps us securely improve and automate a manual process and ultimately gets money back to our members and customers faster.”
Cargill is named to the list as one of six companies using the Covantis platform—which uses the Ethereum-based Quorum blockchain to create an immutable record of every step in the process of moving grain and oilseed cargoes around the world. “This allows the companies using the Covantis platform to track and trace goods across complex supply chains including large & small organizations.”
“The strength of the Covantis initiative’s commitment to leverage innovative, best-in-class technologies to transform global trade operations for agricultural commodities is inspiring,” said Joseph Lubin, founder of Consensys and co-creator of Ethereum. “This platform is evidence that blockchain technology has started to deliver on its promise of unlocking value through collaboration and removal of information silos within and across industries.”
As blockchain technology continues to evolve, the 2021 Forbes Top 50 list indicates that Enterprise Ethereum and Consensys Quorum are well positioned for continued growth across many industries including finance, insurance, manufacturing and supply chain. To learn more about how leading companies are using Consensys Quorum, visit our collection of case studies.