Royal Bank of Canada in the Top 50 Companies Exploring Blockchain Technology
An analysis of the largest public companies in the world shows the Royal Bank of Canada sitting at 25th, by sales volume, of those utilizing or seriously exploring blockchain technology.
The Forbes Global 2000 list of the biggest businesses was refined to the top 50 who are known to be investigating blockchain use cases and applications. The recent report sees American Express in first position and the Royal Bank of Canada featuring strongly with its sales volume and recent blockchain related activities.
The ten largest companies in the world are all moving to blockchain
Forbes discovered that all ten of the largest companies in the world are exploring blockchain technology.
The Industrial and Commercial Bank of China has filed a blockchain patent for digital certificates, China Construction Bank Corporation (CCB) is utilizing the IBM blockchain platform to streamline sales channels and Berkshire Hathaway Inc is looking to improve its supply chain with the new technology.
The state-owned Agricultural Bank of China is working on a decentralized network for unsecured agricultural loans and the Bank of China has filed blockchain related patents and is reportedly partnering with internet and technology company Tencent on blockchain development.
Another Chinese company Ping An Insurance Company on the list gives China five positions both in largest companies in the world and the largest companies exploring blockchain technologies.
As the third largest company in the world, with sales revenue of $118.18 billion USD (Approximately $155 billion CAD) JPMorgan Chase & Co developed its own blockchain protocol Quorum. JPMorgan Chase and the National Bank of Canada tested a $150 million-dollar USD (Approximately $191 million CAD) debt issuance in April 2018.
The Bank of America is the sixth largest company in the world according to Forbes, with sales of $102.98 billion USD, and is the globe’s single largest holder of blockchain patents.
Wells Fargo & Company, the seventh largest company, is using blockchain technology to track home mortgages. It was an early member of the R3 blockchain consortium which now boasts 200 member firms researching and developing blockchain applications for financial and commercial infrastructures.
At eighth largest in the world, technology giant Apple is surprisingly not quite as forward with integrating blockchain use cases into its products or systems, though it has filed a patent for timestamping data. In May, 2018, Apple founder Steve Wozniak said he found Ethereum “interesting,” but that he had sold all his Bitcoin.
The Royal Bank of Canada
The Royal Bank of Canada (RBC) with revenue of $40.49 billion dollars USD (Approximately $52 billion CAD) is the 42nd largest company in the world and is the 25th largest company in the world to be exploring distributed ledger technology solutions.
In March 2018, the U.S Patent and Trademark Office (USPTO) released a patent application showing the RBC had patented a system which utilises blockchain technology for credit scoring.
RBC has experimented with blockchain technology in its personal, commercial, and capital markets businesses; it even recently piloted a blockchain-based shadow ledger of cross-border payments between the U.S and Canada. The pilot is under review by RBC management who, as well as assessing the technology, have to answer legal, regulatory, and security questions.
“In time, if blockchain can help banks be more efficient and lower costs, it could also put cost-intensive payment systems, such as bank transfers and credit card payments, under pressure,” said RBC.
Blockchain technology and digital currencies are regular topics at RBC’s startup events #RBCDisruptors.
The growth of blockchain
The analysis of 2000 giant corporations by Forbes certainly produces data that correlates with the extent to which blockchain appears to be permeating business and commercial infrastructure, especially that of financial markets.
While only one Canadian organization appears on the list of the largest public companies exploring distributed ledger technologies, Canada is certainly among global leaders for blockchain and digital currency startups and innovation.
Image Credit: RBC logo
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