The estimate comes as Scottish Enterprise launches the first-of-its-kind review into the companies, investors and impact of blockchain which could unlock “new and scalable innovation opportunities” for the digital economy north of the border. Blockchain works by allowing digital information to be recorded and distributed across a network of computers and then stored in blocks containing sets of data and linked together through cryptography.
There are currently 60 “blockchain-centric” companies, 78 investors, 86 executives and 33 blockchain-focused hubs in Scotland with most companies located in Edinburgh, the report notes. Economic opportunities are highlighted across eight sectors – agriculture, manufacturing, health, fast moving consumer goods (FMCG), space, energy, finance and education.
Suzanne Sosna, Scottish Enterprise director of economic opportunity, said: “This is the first review of its kind. The technology is most associated with the financial sector, but we wanted to look beyond that across industries where blockchain technology may be less well known but not less innovative, for example in education where it is used to secure qualifications Scottish Enterprise will continue to support the development of blockchain technology to help business growth and innovation in Scotland.
Companies profiled in the report include Glasgow-based Gigged.AI, which has been backed by Scottish Enterprise and uses artificial intelligence blockchain technology for businesses to create secure and transparent records of candidate qualifications, experience and work history.
The report was produced by Deep Knowledge Analytics which presents an overview of the entire blockchain industry ecosystem. Key challenges include regulation and public awareness of the technology most closely associated with finance. However, the report also highlights that the technology has applications for industries such as entertainment and production with solutions for digital rights management and contracts.
Dominic Jennings, Head of Strategic Partnerships for Deep Knowledge Analytics and Deep Knowledge Group, said: “Using blockchain technology can encourage growth across a diverse range of sectors through the development of innovative and secure solutions with the potential to significantly boost Scotland’s economic growth. “
