Israeli Blockchain Association, an organization whose primary objective is to educate, develop and empower Israel’s distributed ledger technology (DLT) community, encourage best practices and connect it with global leaders in the blockchain space, has released its third Israeli Blockchain Startup Map.
According to a recent press release by the organization, there are now more than 200 blockchain-based businesses in Israel.
Blockchain technology, the groundbreaking technology behind bitcoin and other cryptoassets are undoubtedly gaining broader adoption across various industries around the world. Now, per a report by the Israeli Blockchain Association, there are now more than 200 DLT-related startups in the nation-state.
The body claims that at least 57 Israeli DLT startups are using blockchain to disrupt the nation’s financial technology (Fintech) ecosystem while about 37 firms are focused on the Protocols/Core Infrastructure sectors and several others operate in the security sector of the economy.
Of a truth, blockchain technology has proven it has several excellent potentials to that could help transform a vast array of industries, the fact remains that most startups fail to fully understand the nitty-gritty of distributed ledger technology before embarking on their project. This lack of due diligence on the path of these ventures has led to the death of a significant number of blockchain startups.
As reported by TechCrunch earlier this year, thousands of blockchain-linked projects have kicked the bucket so far in 2018, and several others have little or no real use cases. Interestingly, the Israeli Blockchain Association has made it clear that the country has also had its fair share of dead blockchain reports, with about 20 startups no longer functional.
“The Israeli blockchain ecosystem is presently experiencing both a boost and a transformation,”
noted Founding Partner of Israeli Blockchain Association, Roman Gold, adding that most of the local blockchain startups are shunning initial coin offerings (ICOs), plying the equity financing route instead.
Gold also reiterated that a significant number of institutional investors are now venturing into the Israeli blockchain ecosystem. He concluded that,
“Today, fewer startup founders are coming out of morally questionable markets, such as binary options, and gambling. Instead, more institutional players are starting to enter the market. In essence, the market is going through self-purification,”
Forward-thinking corporations and global businesses are fast joining the blockchain bandwagon. Recently, technology giant Sony Corp launched its blockchain-based rights management system for digital content.
Featured image from Shutterstock.