Forbes has published a list of “Billion Dollar Babies,” by which it means companies valued at over one billion that use blockchain technology.
The list includes companies in the cryptocurrency and blockchain development spaces, in addition to traditional financial firms like banks and clearing houses, food companies, logistics management firms and others. Some of them are household names worldwide, such as Microsoft, Amazon, Nestle, Mastercard, Facebook and Amazon.
Some listed are both blockchain and cryptocurrency-based, such as Coinbase, the major exchange, European mining operation Bitfury and Ripple, the financial services network.
In its review, Forbes highlights the potential for blockchain technology to simplify various business process, giving the example of Depository Trust & Clearing Corp (DTCC), which keeps records of 90 million transactions a day, or most of the world’s $48 trillion dollars in securities. According to Forbes, DTCC will imminently begin switching its 50,000 accounts to a blockchain-based system. This will eliminate duplicate procedures and reconciliations that are still found on traditional electronic clearing networks.
DTCC published is white paper in March, outlining its principles for the post-trade processing of tokenised securities. As reported by Cointelegraph, the paper makes a special note of the unique characteristics of the new market for tokenised securities and proposes that global policy standards for traditional markets are often applicable to them. DTCC further suggests that these policy standards are useful for stakeholders who want to identify the legal responsibilities regarding security token platforms.