The industry body of Israel blockchain startups, Israeli Blockchain Association, has revealed that there are over 200 local blockchain startups in the country. The primary aim of this industry body is simply to educate, develop and empower Israel’s distributed ledger technology (DLT) ecosystem. This was revealed in the association’s official press statement.
Israeli Blockchain Association Report
The break-down of these company and their areas of specializations goes thus; about 57 startups have made financial technology (fintech) their area of specialization while about 37 startups are specializing on the Protocols/Core Infrastructure sectors with countless others operate in the security sector of Israel economy.
Apparently, whatever blockchain is introduced to appropriately, turns into gold, owing to its inherent qualities but lack of adequate knowledge before delving into the project involving this ingenious technology has led to the death of many startups.
These Startups Haven’t Been Thriving
These blockchain startups have not been thriving as expected; for example, a report established that in this year alone, about thousands of blockchain-related initiatives has ground to a halt while others seem to be ripped into oblivion. As regards the Israel domestic blockchain sector, it has further revealed that nothing less than 20 startups no longer function.
The Founding Partner of Israeli Blockchain Association, Roman Gold stated that; “The Israeli blockchain ecosystem is presently experiencing both a boost and a transformation.” He further noted that a large percentage of these startups has considered the equity finance method instead of the conventional ICO pattern which is usually associated with blockchain startups.
Roman Gold also laid emphasis on the fact that a significantly high number of institutional investors are now venturing into the Israeli blockchain ecosystem. He concluded by saying 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.”
Global companies with the hop of having a place in the future have also delved into the blockchain sector. Notably, Sony Corp unveiled its bespoke blockchain-related rights management system for digital content. So also are other global conglomerates.