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WinterGreen Research, INC. REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018 $4,300 SINGLE GROUP COPY -- $8,600 WEB SITE POSTING Blockchain: Market Shares, Strategies, and Forecasts, Worldwide, 2018 to 2024 www.wintergreenresearch.com (781) 863-5078 WinterGreen Research, Inc. Lexington, Massachusetts

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WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

$4,300 SINGLE GROUP COPY -- $8,600 WEB SITE POSTING

Blockchain:

Market Shares, Strategies, and Forecasts,

Worldwide, 2018 to 2024

www.wintergreenresearch.com (781) 863-5078

WinterGreen Research, Inc. Lexington, Massachusetts

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

$4,300 SINGLE GROUP COPY -- $8,600 WEB SITE POSTING

The Best Market Research, Backed by a Superb Research Team with Integrity

We are the best in the industry at answering your research questions after

you purchase the report, even two years later.

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

$4,300 SINGLE GROUP COPY -- $8,600 WEB SITE POSTING

CHECK OUT THESE KEY TOPICS

Blockchain: Lowering the Total Cost of Computing, Leading Financial Ledger Based Revolution

Distributed ledger Bitcoin

Blockchain Cryptocurrency Digital economy

Bitcoin Transactions Digital Transactions

Digital Currency Plm Software

Data Center Infrastructure, Enterprise Application

Industry Trends Enterprise Application Market

Financial Ledger

Internet architecture Transactions in real time

Enhanced security Collaborative business

Across enterprise boundaries

Blockchain: Technology Evolves To Provide Better Management of Transactions

in the Real Time Digital Economy

Blockchain: Market Shares, Strategies, and Forecasts, Worldwide, 2018-2024

LEXINGTON, Massachusetts (January 1, 2018) – WinterGreen Research announces that it has

published a new study Blockchain: Market Shares, Strategy, and Forecasts, Worldwide, 2018 to 2024.

The 2018 study has 210 pages, 73 tables and figures. Worldwide markets are poised to achieve

continuing growth as blockchain proves its value by managing digital transactions in real time across

enterprise boundaries, encouraging collaborative business efforts. Lowering transaction management

costs is a key benefit.

A $706 million market worldwide in 2017 after 10 years of being available, the blockchain market has

evolved rather slowly. It’s biggest use has thus far been to hide the money of criminals and terrorists.

After this inauspicious beginning, it is on the cusp of phenomenal growth, ready to reach $60 billion

worldwide as it creates new digital economic infrastructure.

Moving past a nefarious history, the blockchain market moves into rapid growth mode as the digital

economy takes hold. As the banks and finance industry move into the modern age of real time

transaction processing, blockchain is a core enabling technology. This market segment previously has

been held back in part by the outdated aspects of the mainframe computing technology. Blockchain is

spurred by more modern ways to manage global transactions across national borders from IBM,

Microsoft, and Accenture.

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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Blockchain is a type of distributed ledger system providing enhanced security to the real time digital

economic process. Blockchain is comprised of blocks of digitally recorded data.

Demand for blockchain technology is growing everywhere, for example among the largest users of IBM

cloud capacity to manage supply chains. 60 IBM cloud data centers see blockchain as the top application

driving growth.

Digital technology is dominant worldwide. The old mainframe digital technology managed data in

batches, now digital data is managed in real time over the Internet. Blockchain brings digital technology

into real time computing systems management. It has the ability to change all aspects of the digital

economy, including conducting business, delivering healthcare, shopping, enhancing education and

learning, entertainment, and staying connected with a social world.

Recently, blockchain digital technology has evolved further to aid in conducting financial transactions.

Online payments have gained huge traction. Card based payment methods, credit and debit cards have

become dominant. Blockchain supports all these changes by creating increased speed of transaction

processing and greater efficiency in real time processing.

Cryptocurrency is becoming increasingly popular. Distributed ledgers support the payment system for

digital currency to operate in decentralized mode, by eliminating the need of intermediaries to centralize

processing. Distributed ledger technology further enables tracking of financial transactions.

It virtualizes tracking and trading anything of value via creating digital money. Credit cards become an

essential part of the blockchain process. Blockchain provides a robust environment for secure data

sharing in real-time. Blockchain is a type of distributed ledger system providing enhanced security to the

real time digital economic process. Blockchain is comprised of blocks of digitally recorded data, creating

a distributed ledger. There are many different types of distributed ledger systems, each obeying its own

security and privacy levels.

Demand for blockchain technology is growing among the largest users of IBM cloud capacity. IBM 60

cloud data centers see blockchain growing to be one of the top applications in use. IBM blockchain

digital ledger market is growing rapidly, a much-needed event for big blue. IBM has been one of the key

companies behind the Hyperledger consortium, a nonprofit open-source project that aims to create

efficient standards for commercial use of blockchain technology.

Microsoft enterprise customers are making the transition to cloud services and blockchain on Azure.

Modernizing transactions to digital economic collaboration support is key to success in modern business

environments. Blockchain Cloud Service, helps customers extend existing applications like enterprise-

resource management systems. Microsoft expanded its partnership with consortium R3 to make it easier

for financial institutions to deploy blockchains in its Azure cloud.

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024.

IBM and Microsoft are driving blockchain as their clients are making the transition to cloud services.

Accenture has measurable market share as well.

WinterGreen Research is an independent research organization funded by the sale of market research

studies all over the world and by the implementation of ROI models that are used to calculate the total

cost of ownership of equipment, services, and software. The company has 35 distributors worldwide,

including Global Information Info Shop, Market Research.com, Research and Markets, electronics.ca,

Bloomberg, and Thompson Financial.

WinterGreen Research is positioned to help customers facing challenges that define the modern

enterprises. The increasingly global nature of science, technology and engineering is a reflection of the

implementation of the globally integrated enterprise. Customers trust wintergreen research to work

alongside them to ensure the success of the participation in a particular market segment.

WinterGreen Research supports various market segment programs; provides trusted technical services

to the marketing departments. It carries out accurate market share and forecast analysis services for a

range of commercial and government customers globally. These are all vital market research support

solutions requiring trust and integrity.

Key Words: Distributed ledger, Bitcoin, Blockchain, Cryptocurrency, Digital economy, Bitcoin Transactions, Digital Transactions, Digital Currency,

Plm Software, Data Center Infrastructure, Enterprise Application Industry Trends, Enterprise Application Market, Financial Ledger, Internet

architecture, Transactions in real time , Enhanced security, Collaborative business, Across enterprise boundaries,

Companies Profiled

Market Leaders

IBM

Microsoft Accenture

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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Market Participants

Axoni

Abra

Advanced Micro Devices’

BTL Group

BlockCypher

BitFury Group

Chain

ConsenSys

Deloitte

Ethereum

Ezyremit

Global Arena Holding

Provenance

R3

Ripple

Scorechain

Slock.it

TATA Consultancy Services

Companies Mentioned

Eris Industries

Boscj

ProSyst

Vorto

Hitachi

BP

ING Groep NV

Fidelity Investments

Earthpoint

Guidewire

PwC

T-Mobile

Fidor Bank

Bank of America

HSBC

TradeBlock

Axoni

Boost VC

Intel

AlphaPoint

Amazon Web Services

Coinbase

Digital Asset Holdings LLC

Earthport PLC

Factom

Facebook

Google

Oracle

SAP

JP Morgan Chase

Blockchain: Market Shares, Strategies, and Forecasts, Worldwide,

2018 to 2024

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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Report Methodology

This is the 730th report in a series of primary market research reports that provide forecasts in

communications, telecommunications, the Internet, computer, software, telephone equipment, health

equipment, and energy. Automated process and significant growth potential are priorities in topic selection.

The project leaders take direct responsibility for writing and preparing each report. They have significant

experience preparing industry studies. Forecasts are based on primary research and proprietary data bases.

The primary research is conducted by talking to customers, distributors and companies. The survey data is

not enough to make accurate assessment of market size, so WinterGreen Research looks at the value of

shipments and the average price to achieve market assessments. Our track record in achieving accuracy is

unsurpassed in the industry. We are known for being able to develop accurate market shares and projections.

This is our specialty.

The analyst process is concentrated on getting good market numbers. This process involves looking at the

markets from several different perspectives, including vendor shipments. The interview process is an essential

aspect as well. We do have a lot of granular analysis of the different shipments by vendor in the study and

addenda prepared after the study was published if that is appropriate.

Forecasts reflect analysis of the market trends in the segment and related segments. Unit and dollar

shipments are analyzed through consideration of dollar volume of each market participant in the segment.

Installed base analysis and unit analysis is based on interviews and an information search. Market share

analysis includes conversations with key customers of products, industry segment leaders, marketing

directors, distributors, leading market participants, opinion leaders, and companies seeking to develop

measurable market share.

Over 200 in depth interviews are conducted for each report with a broad range of key participants and

industry leaders in the market segment. We establish accurate market forecasts based on economic and

market conditions as a base. Use input/output ratios, flow charts, and other economic methods to quantify

data. Use in-house analysts who meet stringent quality standards.

Interviewing key industry participants, experts and end-users is a central part of the study. Our research

includes access to large proprietary databases. Literature search includes analysis of trade publications,

government reports, and corporate literature.

Findings and conclusions of this report are based on information gathered from industry sources, including

manufacturers, distributors, partners, opinion leaders, and users. Interview data was combined with

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

$4,300 SINGLE GROUP COPY -- $8,600 WEB SITE POSTING

information gathered through an extensive review of internet and printed sources such as trade publications,

trade associations, company literature, and online databases. The projections contained in this report are

checked from top down and bottom up analysis to be sure there is congruence from that perspective.

The base year for analysis and projection is 2016. With 2010 and several years prior to that baseline, market

projections were developed for 2017 through 2023. These projections are based on a combination of a

consensus among the opinion leader contacts interviewed combined with understanding of the key market

drivers and their impact from a historical and analytical perspective.

The analytical methodologies used to generate the market estimates are based on penetration analyses,

similar market analyses, and delta calculations to supplement independent and dependent variable analysis.

All analyses are displaying selected descriptions of products and services.

This research includes reference to an ROI model that is part of a series that provides IT systems financial

planners access to information that supports analysis of all the numbers that impact management of a product

launch or large and complex data center. The methodology used in the models relates to having a

sophisticated analytical technique for understanding the impact of workload on processor consumption and

cost.

WinterGreen Research has looked at the metrics and independent research to develop assumptions that

reflect the actual anticipated usage and cost of systems. Comparative analyses reflect the input of these

values into models.

The variables and assumptions provided in the market research study and the ROI models are based on

extensive experience in providing research to large enterprise organizations and data centers. The ROI models

have lists of servers from different manufacturers, Systems z models from IBM, and labor costs by category

around the world. This information has been developed from WinterGreen research proprietary data bases

constructed as a result of preparing market research studies that address the software, energy, healthcare,

telecommunications, and hardware businesses.

YOU MUST HAVE THIS STUDY

Blockchain: Market Shares, Strategies, and Forecasts, Worldwide, 2018-2024

Table of Contents

Blockchain: Executive Summary

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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The study is designed to give a comprehensive overview of the Blockchain market segment. Research

represents a selection from the mountains of data available of the most relevant and cogent market

materials, with selections made by the most senior analysts. Commentary on every aspect of the market

from independent analysts creates an independent perspective in the evaluation of the market. In this

manner the study presents a comprehensive overview of what is going on in this market, assisting managers

with designing market strategies likely to succeed.

toc

Abstract: Blockchain Markets Headed to $60 Billion Worldwide by 2024 1 TABLE OF CONTENTS 3 BLOCKCHAIN EXECUTIVE SUMMARY 15

Blockchain Market Driving Forces 15 Blockchain Leverages Artificial Intelligence (AI) 18

Blockchain Market Shares, Dollars, Worldwide, 2017 19

Blockchain Market Forecasts 20 1. BLOCKCHAIN: MARKET DESCRIPTION AND MARKET DYNAMICS 23

1.1 Blockchain Market Description and Market Dynamics 23

1.2 Blockchains: Cryptographically Secured Distributed Ledgers 24 1.2.1 Blockchain Companies Initial Coin Offerings — ICOs 24

1.2.2 Transfer Of Social Trust: From Institutions To Systems Using Well-Tested Computer Code 26

2. BLOCKCHAIN MARKET SHARES AND FORECASTS 28

2.1 Blockchain Market Driving Forces 28 2.1.1 Blockchain Leverages Artificial Intelligence (AI) 32

2.2 Blockchain Market Shares 34 2.2.1 Blockchain Market Shares, Dollars, Worldwide, 2017 36

2.2.2 IBM and Microsoft 37

2.2.3 IBM Blockchain 38

2.2.4 IBM Implements AI Support for Blockchain 39

2.2.5 IBM Blockchain Decentralized Ledger In Supply Chains 39

2.2.6 IBM Blockchain Decentralized Ledger In Medical Industry 40

2.3 Blockchain Market Forecasts 40

2.4 Blockchain Applications 46

2.5 BFSI: Blockchain Impact on Stock Market 50 2.5.1 Blockchain Impact on Financial Services and Banking – Forecasts to 2024 62

2.6 Blockchain for Healthcare 64

2.7 Blockchain for Cybercurrency and Legal Industry 70

2.8 Blockchain for Supply Chain 73

2.9 Blockchain for Internet of Things 75 2.9.1 SoftBank CEO Masayoshi Son Sees 1 Trillion Devices for Internet of Things 80

2.10 Cloud Revenue 81

2.11 Blockchain Pricing 83 2.11.1 IBM Blockchain 83

2.11.2 Microsoft Blockchain Pricing 86

2.12 Blockchain Regional Market Segments 88 3. BLOCKCHAIN PRODUCT DESCRIPTION 91

3.1 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 91

3.2 JPMorgan Chase Blockchain Network Quorum 92

3.3 Blockchain Best Known For Being The Technology Underlying Cryptocurrencies 93

3.4 HIVE Blockchain Technologies 94

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3.5 Accenture 94

3.6 Hitachi 94

3.7 Overstock 94

3.8 Digital Currency: BitCoin 95

3.9 China Opens Its Financial System To The World 98 3.9.1 China Ending Anonymity of Virtual Accounts to Cryptocurrency Exchanges 99

3.10 Korean Blockchain Association 100

3.11 European Union Central Bankers On Cryptocurrency 101

3.12 Fidelity Investments, Blockchain 103

3.13 Ethereum 104

3.14 Blockchain Bitcoin 105

3.15 Ripple Blockchain 107 4. BLOCKCHAIN RESEARCH AND TECHNOLOGY 108

4.1 On a Blockchain, a Node Replicates The Data For All Nodes 108

4.2 Blockchain Electricity Usage 109

4.3 Accenture Patent Tied To "Editable Blockchain" 109 5. BLOCKCHAIN COMPANY PROFILES 110

5.1 360 Blockchain Inc 110

5.2 Accenture 110 5.2.1 Accenture Blockchain Solutions 110

5.2.2 Accenture Blockchain Partnerships 110

5.2.3 Accenture Alliance with Digital Asset Seeks To Fundamentally Change The Way Companies Verify And Settle Transactions

111

5.2.4 Accenture Collaborates with Partners 112

5.2.5 Accenture Digital Asset Partners 113

5.2.6 Accenture Revenue 118

5.3 Abra 118

5.4 Amazon 119 5.4.1 Amazon Blockchain Partners 120

5.4.2 Amazon Blockchain Partner Solutions 123

5.4.3 Amazon Sawtooth 125

5.4.4 Corda R3 125

5.4.5 PokitDok 125

5.4.6 Samsung Nexledger 125

5.4.7 Quorum 126

5.4.8 Amazon Blockchain Deloitte 126

5.4.9 Luno 127

5.4.10 Amazon Web Services 128

5.5 Axoni 129 5.5.1 Comments from Axoni Users as to Reliability of Equity Swap 133

5.5.2 Axoni Confirmation Templates 134

5.6 BitFury Group 135 5.6.1 Richard Branson Digital Currency Summit On Private Caribbean Island 136

5.6.2 Bitfury Group Blockchain Analytics 137

5.6.3 Bitfury Group Lightning Network 137

5.7 Binance Exchange 138

5.8 BlockCypher 138 5.8.1 BlockCypher Payment Forwarding 139

5.9 BTL Group 140 5.9.1 BTL Blockchain Platform, Interbit For Energy Trading. 141

5.9.2 BTL Group Blockchain Based Cross-Border Settlement Solution 141

5.10 Chain 143 5.10.1 Chain and Changetip Participate with The Nasdaq-Created Blockchain System Linq 144

5.10.2 Chain Partners 144

5.11 ConsenSys 146

5.12 Deloitte 146

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5.13 Digital Asset Holdings 146

5.14 Ethereum 147 5.14.1 Ethereum / Advanced Micro Devices’ (AMD) 149

5.14.2 Ethereum Blockchain CryptoKitties 149

5.15 EzyRemit 150

5.16 Fidelity Investments 152

5.17 Global Arena Holding 152

5.18 Goldman Sachs 152

5.19 IBM Blockchain 154 5.19.1 IBM Batavia 155

5.19.2 IBM Internet of Things 156

5.19.3 IBM Supply Chain Tracking 156

5.19.4 IBM Blockchain in the Supply Chain 157

5.19.5 Use Cases for IBM IoT and Blockchain 158

5.19.6 IBM Watson IoT Blockchain 159

5.19.7 IBM Revenue 159

5.19.8 IBM Datacenter Blockchain 163

5.20 JP Morgan Chase 165 5.20.1 JPMorgan Chase Quorum Blockchain Technology 166

5.21 Microsoft Blockchain 167 5.21.1 Microsoft Strengthening Blockchain Partnerships 167

5.21.2 Microsoft Revenue 168

5.22 OnChain Public Platform Project In Conjunction with NEO 171

5.23 NEO Open Source Blockchain 172

5.24 Provenance 172

5.25 R3 173 5.25.1 Blockchain Startup R3 CEV Attracts $107M From BofA, HSBC, Intel and Others 174

5.25.2 JPMorgan Chase & Co Quit the R3 Initiative 175

5.25.3 R3 Corda 176

5.26 Ripple 177 5.26.1 Ripple XRP Digital Asset for Payments 178

5.26.2 Ripple Labs a Global Leader In Distributed Ledger Technology 179

5.26.3 Ripple XRP The Digital Asset 181

5.26.4 Ripple Product Manager; Joined From JP Morgan Chase 181

5.26.5 Ripple Board of Directors, Susan Athey Has Strong Ties to Microsoft 182

5.27 SAP 184

5.28 Scorechain 184

5.29 Slock.It 186 5.29.1 Slock.It Addresses Global Market for Sharing 186

5.29.2 Slock.it $2 Million USD Seed Funding to Build Next-Generation Sharing

Economy Platform 188

5.30 TATA Consultancy Services 190 5.30.1 TCS Integrated Blockchain Solution 190

5.30.2 TCS Risk Information Management Solution 192

5.31 Other Blockchain Companies 198 WINTERGREEN RESEARCH, 206

WinterGreen Research Methodology 206

WinterGreen Research Process 208

Market Research Study 208

WinterGreen Research Global Market Intelligence Company 209

WinterGreen Research, INC.

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Abstract: Blockchain Markets Headed to $60 Billion Worldwide by 2024 1

Figure 1. Blockchain Ledger Market Driving Forces 16

Figure 2. Major Growth Drivers Of The Blockchain Market 17

Figure 3. Blockchain Market Shares, Dollars, Worldwide, 2017 19

Figure 4. Blockchain, Market Forecasts Dollars, Worldwide, 2018-2024 21

Figure 5. Blockchain Ledger Market Driving Forces 30

Figure 6. Major Growth Drivers Of The Blockchain Market 30

Figure 7. Blockchain Market Shares, Dollars, Worldwide, 2017 36

Figure 8. Blockchain Technology Market Shares Dollars, Worldwide, 2017 37

Figure 9. Blockchain, Market Forecasts Dollars, Worldwide, 2018-2024 42

Figure 10. Blockchain Market Segment Forecasts, Banking, Finance, and Insurance, Healthcare, Cybercurrency, Supply

Chain, and Internet of Things (IoT), Dollars, Worldwide, 2018-2024 43

Figure 11. Blockchain Market Segment Forecasts, Banking, Finance, and Insurance, Healthcare, Cybercurrency, Supply

Chain, and Internet of Things (IoT), Percent, Worldwide, 2018-2024 44

Figure 12. Segmentation Of The Global Blockchain Market By End-User (BFSI, Supply Chain, Healthcare 46

Figure 13. Blockchain Applications 47

Figure 14. Blockchain Applications By Provider 48

Figure 15. Blockchain Applications By Organization Size and Type 48

Figure 16. Blockchain Applications By Industry Vertical 49

Figure 17. Blockchain Market by Provider 49

Figure 18. Stock Agent Stock Transfer Flow Diagram 51

Figure 19. Stock Transfer Agent Central Clearinghouse Model for Stock Trade Settlement 52

Figure 20. Direct Transfer Model Using Blockchain 53

Figure 21. Modern Stock Transfer Agent Business Challenges 55

Figure 22. Lehman Brothers Illustrates Problem With Stock Transfer Centralization 56

Figure 23. Advantages of Decentralized Securities Platform: 57

Figure 24. Blockchain for Banking, Finance, and Insurance, Market Forecasts Dollars, Worldwide, 2018-2024 63

Figure 25. Blockchain for Healthcare, Market Forecasts Dollars, Worldwide, 2018-2024 65

Figure 26. Blockchain for Cybercurrency, Market Forecasts Dollars, Worldwide, 2018-2024 70

Figure 27. Blockchain for Supply Chain, Market Forecasts Dollars, Worldwide, 2018-2024 74

Figure 28. Blockchain for Internet of Things (IoT), Market Forecasts Dollars, Worldwide, 2018-2024 76

Figure 29. IBM Blockchain Cost 84

Figure 30. IBM Blockchain Pricing Plans 85

Figure 31. Blockchain Regional Market Segments, 2017 88

Figure 32. Blockchain Regional Market Segments, 2017 89

Figure 33. Bitcoin Year-To-Date Performance, late 2017 93

Figure 34. Difficulties of BitCoin Cybercurrency 102

Figure 35. Fidelity Identification of Barriers To Blockchain Adoption 103

Figure 36. Ethereum Platform Decentralized Processing 108

Figure 37. Accenture Digital Asset Partners 113

Figure 38. Amazon Blockchain Technology Features 120

Figure 39. Selected AWS Blockchain Partners 121

Figure 40. Axoni Investors 129

Figure 41. Axoni Equity Swap Data Functions 131

Figure 42. Axoni Equity Swap Blockchain Data Disadvantages 132

Figure 43. Bitfury Group Suite Of Offerings 136

Figure 44. BlockCypher Functional Modules for Blockchain 138

Figure 45. BTL Blockchain Platform Industries Served 140

Figure 46. BTL Group Blockchain Functions Supported 142

Figure 47. BTL Group Blockchain Transformative Technologies Benefits 142

Figure 48. Chain Network 143

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Figure 49. Chain Partners 145

Figure 50. Chain Core Enterprise Edition Functions 145

Figure 51. Ethereum Blockchain Platform 147

Figure 52. EzyRemit, EzyHedge, and EzyRemit B@B Solutions 151

Figure 53. Use Cases for IoT and Blockchain 158

Figure 54. JPMorgan Chase Blockchain Technology Aims 166

Figure 55. Onchain Blockchain Project Modules 171

Figure 56. Distributed Ledger Network Modules Build Infrastructure 172

Figure 57. xCurrent is Ripple’s enterprise software solution 178

Figure 58. Ripple Strategic Investors 179

Figure 59. Ripple Offers Speed 181

Figure 60. Yana Novikova, Product Manager; joined Ripple from JP Morgan Chase 182

Figure 61. Susan Athey is Professor of Economics at Stanford Graduate School of Business 183

Figure 62. Scorechain Blockchain Partners 185

Figure 63. Slock.It Addresses Shared Resource Market 187

Figure 64. Slock.It USN Registry and Access Control 188

Figure 65. Slock.It USN Key Differentiators 189

Figure 66. TATA Consultancy Services Integrated Blockchain Modules 191

Figure 67. TATA Consultancy Services Integrated Blockchain Platform Build 191

Figure 68. TATA Consultancy Services Integrated Blockchain Benefits 192

Figure 69. TCS Risk Information Management Solution 193

Figure 70. TCS' Integrated Information Management Framework for Financial Firms 194

Figure 71. TATA Consultancy Services Benefits 195

Figure 72. TCS Blockchain Advantage 197

Figure 73. Blockchain Companies: Startups With ICOs 200

WinterGreen Research, INC.

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ABOUT THE COMPANY

WinterGreen Research, research strategy relates to identifying market trends through reading and

interviewing opinion leaders. By using analysis of published materials, interview material, private research, detailed

research, social network materials, blogs, and electronic analytics, the market size, shares, and trends are identified.

Analysis of the published materials and interviews permits WinterGreen Research senior analysts to learn a lot more

about markets. Discovering, tracking, and thinking about market trends is a high priority at WinterGreen Research. As

with all research, the value proposition for competitive analysis comes from intellectual input.

WinterGreen Research, founded in 1985, provides strategic market assessments in telecommunications,

communications equipment, health care, Software, Internet, Energy Generation, Energy Storage, Renewable energy,

and advanced computer technology.

Industry reports focus on opportunities that expand existing markets or develop major new markets. The

reports access new product and service positioning strategies, new and evolving technologies, and technological impact

on products, services, and markets. Innovation that drives markets is explored. Market shares are provided. Leading

market participants are profiled, and their marketing strategies, acquisitions, and strategic alliances are discussed. The

principals of WinterGreen Research have been involved in analysis and forecasting of international business

opportunities in telecommunications and advanced computer technology markets for over 30 years.

The studies provide primary analytical insight about the market participants. By publishing material relevant to

the positioning of each company, readers can look at the basis for analysis. By providing descriptions of each major

participant in the market, the reader is not dependent on analyst assumptions, the information backing the assumptions

is provided, permitting readers to examine the basis for the conclusions.

WinterGreen Research is positioned to help customers facing challenges that define the modern enterprises.

The increasingly global nature of science, technology and engineering is a reflection of the implementation of the

globally integrated enterprise. Customers trust wintergreen research to work alongside them to ensure the success of

the participation in a particular market segment.

WinterGreen Research supports various market segment programs; provides trusted technical services to the

marketing departments. It carries out accurate market share and forecast analysis services for a range of commercial

and government customers globally. These are all vital market research support solutions requiring trust and integrity.

WinterGreen Research, INC.

REPORT # SH273024732 210 PAGES 73 TABLES AND FIGURES 2018

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About The Principal Authors

Susan Eustis, President, co-founder of WinterGreen Research, is a senior analyst. She has done research in

communications, healthcare equipment, and computer markets and applications. She holds several patents in

microcomputing and parallel processing. She has the original patents in electronic voting machines. She has

new patent applications in format varying, mulitprocessing, electronic voting, and oxygen management. She is

the author of recent studies of the drone and robot marketing strategies, Internet equipment, biometrics,

biomaterials, a study of Internet Equipment, Artificial Intelligence, IoT, Worldwide Telecommunications

Equipment, Top Ten Telecommunications, Digital Loop Carrier, Web Hosting, Web Services, and Application

Integration markets. Ms. Eustis is a graduate of Barnard College. Ms. Eustis was named Top Woman CEO in

2012 by Who’s Who Worldwide. She was named Top Woman Market Research Analyst in 2012,

2013,2014,2015, and 2016. She has been twice featured on the cover of the Women of Distinction magazine.

She was cited in a recent Time Magazine article and major media articles on Youth Sports market growth.

About the WinterGreen Research Team: The WinterGreen Research Team is comprised of senior analysts that prepare the market research and analysis that is offered to the client and developed using an iterative process to achieve a final study. Typical projects include providing market/viability research. The team can look at how drones can be applied to critical infrastructures safety, including: type of market existing, Barriers, Forecast demand and competitors, SWOT and competitive advantages, Price Analysis, product design recommendations (marketing orientation).

Research is typically for many different regions or localities, for example EU countries including Spain, UK, Nordic, Germany, and France. Typical projects profile the United States and areas of Asia. It is common to three representative countries from South America, Brazil, Argentina, Chile, and Mexico. Representative countries from Asia APAC typically include Japan, China, India, and Australia.

Critical infrastructure safety, including: type of market existing, barriers to entry and to faithful execution of product provision, forecast of demand, market share, SWOT, competitive advantage of major competitors, identification of new technologies and new companies, price performance analysis, product design recommendations, and marketing considerations are typical topics covered.