Who is already using DLT?
To help gauge the growing importance of blockchain (and DLT in general) within business, Cambridge University’s Centre for Alternative Finance, with support from EY and Visa, recently published the Global Blockchain Benchmarking Study.
It surveyed more than 200 DLT infrastructure providers, application developers, service providers and operators across a range of industry sectors. Its findings show that, while the financial sector continues to lead the way in DLT innovation, other sectors are starting to catch up.
When DLT service providers were asked what type of businesses are using their technologies, they confirmed that many sectors and subsectors are already active users. More than a third said they had customers that were regulators or government agencies – indicating the relevance of DLT to the public sector. One quarter cited private individuals, while almost a fifth said that creative artists were customers. Clients as diverse as energy companies, title and real estate companies, airlines, retailers, hospitals and health care organizations are all testing or using DLT applications.
Given the range of potential applications for DLT, it’s not surprising that the technology industry has invested considerably in creating generic platforms and frameworks that can be adapted to any number of projects across a variety of industries. Some enterprise DLT frameworks have been downloaded more than 20,000 times. However, two-thirds of the study participants said they were focused on developing sector-specific solutions that are purposefully designed to serve a particular set of use cases.
Although providers of technology solutions are not yet the largest customer segment for DLT, many are considering DLT to improve and complement their own product offerings. System integrators and Internet of Things (IoT) companies, along with know your customer (KYC) regulatory specialists, all are experimenting with DLT platforms.
From a corporate user point of view, the study looked at 132 different DLT enterprise case studies across all sectors. While it wasn’t surprising to see that 30% are related to banking and financial services, it is notable that the government sector has been more proactive in proof of concept programs than many private industry sectors including insurance, health care and media, entertainment and gaming.