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Moody’s blockchain blind spot

Eighty-one of the world’s 100 largest publicly traded companies by market capitalization have “adopted blockchain into their business model,” credit rating agency Moody’s exclaimed last week. A (very) quick check of the relevant data suggests that the figure is a bit exaggerated.

From Moody’s:

Many companies are testing and adopting blockchain technology solutions for their business. For example, financial institutions are developing blockchain infrastructures to move funds between branches cheaper, faster, and with reduced overhead to track cash inflows through a distributed electronic ledger. Manufacturing companies are using blockchain to improve the traceability of goods and raw materials throughout the supply chain.

As of September 2021, 81 of the top 100 listed companies have adopted blockchain in their business model. . .

It’s unclear whether Moody’s analysts have read the press release from which the figure was extracted all the way down: the claim becomes more and more diluted the further you scroll.

The data comes from Blockdata, a wide-eyed blockchain analytics company (tagline: “Accelerating. Blockchain. Adoption”). First, its list of 81 companies “includes those that are in the research phase, meaning they are exploring opportunities and deciding what technologies they could use for their blockchain initiatives.”

“If we remove the research phase,” the post continues, “we find that there is still an impressive 65 companies who are actively developing blockchain solutions.

The claim is further watered down in a separate post. It turns out that only 44 of the top 100 companies have “actively pursued blockchain strategies” in the past year.


Only five of these 44 companies are “financial companies”. Tortured English aside, Moody’s claim that “we are seeing rapid adoption of financial institutions developing blockchain infrastructure to increase the speed and efficiency of remittances” simply does not hold water.

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