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Generally speaking, the society is based on capitalism, democracy, trust, and fiction. These systems and ideas are based on the view which humans are born inherently good. Unfortunately, humans are not so rational and altruistic. 　　　　　　　　 ブロックチェーンの衝撃（2016), Sapiens: brief history of humankind (2015)　　　　 8IZ#MPDLDIBJOʁ l#MPDLDIBJO$IBOHFTUIF8PSMEz 5IF1SPCMFN 　　Make a society which is based on trustless system and the view which humans are born inherently evil by using blockchain. This is not because my giving up to believe in humans, but because making the society ,“Everyone can pursue one’s potential.” 4PMVUJPO 4

#JH1JDUVSF ʙ T 2008 Research paper of Satoshi Nakamoto 1995 Internet 5

&YQFDUBUJPO “The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. Itʼs the blockchain, the technology behind digital currencies like Bitcoin.” )BSWBSE#VTJOFTT3FWJFX%PO5BQTDPU “The progress of mankind is marked by the rise of new technologies and thehuman ingenuity they unlock. In distributed ledger technology, we may be witnessing one of those potential explosions of creative potential that catalyse exceptional levels of innovation. The technology could prove to have the capacity to deliver a new kind of trust to a wide range of services. As we have seen open data revolutionise the citizenʼs relationship with the state, so may the visibility in these technologies reform our financial markets, supply chains, consumer and business-to-business services, and publicly-held registers.” "SFQPSUCZUIF6,(PWFSONFOU$IJFG4DJFOUJGJD"EWJTFS 6

ϒϩοΫνΣʔϯͱ͸ʁ +BQBOFTF ブロックチェーンの特徴 ①改ざんが極めて困難である。 ②実質ゼロ・ダウンタイムなシステム。 ③安価に構築可能。 ①に関してはなぜ改ざんが困難かというと2つの特徴がある。 １つ目は「分散的」な管理システムだから。 このようなシステムを一般的にP2Pという。（Peer to Peer) 従来、お金の取引は銀行などの第３者機関が仲介することに よって信頼性を担保してきたが、 ブロックチェーンでは全ての 履歴を皆で共有することによって信頼性を担保している。 これによって第３者機関が必要なくなると一般的に言われている 。 ２つ目は「各取引履歴は順番にブロックに収納されていて各ブロッ クが直前のブロックとつながっているために改ざんが困難」 図を参照のこと。 例えば、データが保管されている１つの ブロックのデータを改ざんすると、チェーンで繋がっている前、 後ろのデータとの整合性が取れなくなるので改ざんをしたら 瞬時に見つかる。 革新性 いつだって経済活動の基盤は取引だった。 歴史的にいままで取引相手の信頼性の担保の為に 非常に多くのコストがかかってきた。 信頼性担保の仕組みの例 ・格付け、会計監査 　・公証人 　・登記 　・中央銀行 しかし、ブロックチェーンを利用することで参加者同士が 相互に協力・監視するシステムが成り立つので 社会システムを維持する為に多大なコストを払って 構築してきた中央集権的な第3者機関が不要になる。 7

#JUDPJO"1FFSUP1FFS&MFDUSPOJD$BTI4ZTUFNCZ4BUPTIJ/BLBNPUP Source: https://bitcoin.org/bitcoin.pdf +VTU1BHFTQBQFSDIBOHFEUIFXPSME *OUIJTSFTFBSDIQBQFS 4BUPTIJDSFBUFEUIFDPODFQUPG1FFSUP1FFSNPEFMBOE1P8 #ZVTJOHCMPDLDIBJO XFDBONBLFUSBOTBDUJPOTXJUIPVUSEQBSUJFT 8

1ZUIPO"OBMZTJTPG4BUPTIJ`TQBQFS 27 transaction 24 block 20 transactions 17 nodes 17 attacker 16 chain 15 blocks 14 network 14 honest 14 Hash 13 Block 11 proof-of-work 10 probability 9 timestamp 9 system 9 Owner 9 CPU 8 trusted 8 only 8 next 7 proof 7 majority 7 coins 7 chain, 7 Prev 7 Nonce 7 Merkle 6 working 6 work6 6 value 6 time 6 sender 6 number 6 node 6 make 6 long 6 double 6 block, 6 Nodes 6 Key 6.trust # Word # Word 47 times transaction(s) 30 times block(,) 28times honest + trust(ed) 23 times chain(,) 23 times node(,) 5IJTQBQFSJTBCPVUlUSVTUzBOElUSBOTBDUJPOz 9 プログラミング言語Pythonを用い論文を分析しました。分析の結果、論文中に「trust」と「transaction」が多用されているという結果を得ました。

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Source : https://www.coindesk.com/uc-berkeley-partners-blockchain-startup-health-data-research/ Company: BITMARK Taiwan Class : Data Management 01 : Identity Blockchain : BitcoinCore??? Seed：$1.7M General : Bitmark is a blockchain startup that makes it easier for creators to claim ownership of their digital property by making it easy for people to mark their one-of-a-kind digital files with their own unique identity. Feature : •  legal innovation will be needed. (Viktor Mayer-Schönberger of the University of Oxford) •  Cooperate with UC Berkeley. •  Public health and medical information research projects was funded. •  keep track of who has accessed data Impact: Secure data sharing. Monetize: Providing secure data sharing service. 5IF4DIPPMPG1VCMJD)FBMUIBU6$#FSLFMFZJTFYDJUFEUPQBSUOFSXJUI #JUNBSL*ODPOUIJTSFTFBSDIGFMMPXTIJQ*UJTBHSFBUPQQPSUVOJUZGPSPVSZPVOH SFTFBSDIFSTUPHBJOWBMVBCMFIBOETPOFYQFSJFODFBUUIFJOUFSTFDUJPOPGQVCMJD IFBMUIBOEUFDIOPMPHZz6$#FSLFMFZ .JTTJPO #JUNBSLFOWJTJPOTBOFXJOUFSOFUCVJMUPOJOEJWJEVBMGSFFEPNBOE FNQPXFSNFOUXIFSFFWFSZPOFPXOTBQJFDFPGUIFEJHJUBMFDPOPNZ 13

Source : https://thenextweb.com/media/2016/01/25/future-media-monetization-cryptocurrencies-micropayments/#.tnw_LQJzm0Jw Company: SatoshiPay Germany Class : Small payment 02 : Payment Blockchain : BitcoinCore Seed：$390K General : SatoshiPay is a nano-paywell platform for Online media. Feature : •  The main idea behind the platform is to let users pay very small amounts — a few cents, in most cases — for the content they consume. It’s possible to set up charging per-paragraph, per-image or per-page, whatever the publisher deems the best. •  offering ad blocker detection with a possibility to ask readers who refuse to view ads to make a small donation that would help the website survive. Impact: Small online payment. Monetize: making money by taking a fee of about 10 percent from each transaction l$SZQUPDVSSFODJFTNBLFUIJOHTQPTTJCMFUIBUXFSFOPUQPTTJCMFCFGPSF JOQBZNFOUUFDIOPMPHZ5IFZBMTPSFNPWFBMPUPGGSJDUJPO XIJDITPVOET DPOUSBSZUPXIBUNPTUQFPQMFUIJOLPG#JUDPJOz.FJOIBSE#FOO 14

Source : https://techcrunch.com/2016/06/01/mediachain-enivisions-a-blockchain-based-tool-for-identifying-artists-work-across-the-internet/ Company: Mediachain Brooklyn Class : Identifying artist’s work Founder: Denis Nazarov 03 : Identity Blockchain : Bitcoincore Seed：??? General : Mediachain is a blockchain data solution for connecting applications to media and information. Today, publishers depend on centralized platforms for their identity, audience and monetization. Mediachain connects auther and reader directly. Feature : •  Peer-to-peer database for sharing information across applications and organizations. •  2 million images or metadata records. •  Cooperate with Spotify. Impact: Creator friendly Monetize: ??? l8IBUJGBMMUIFJOGPSNBUJPOPVUUIFSFPOUIFJOUFSOFUXBTTIBSFEʜVTJOH .FEJBDIBJOBOZXIFSFUIFNFEJBJTZPVDBOJEFOUJGZUIFBVUIPSBOEUIFTUPSZ CFIJOEUIFJNBHF zTBZT+FTTF8BMEFO POFPGUIFPUIFSDPGPVOEFSTPGUIFDPNQBOZ 15

Source : http://fortune.com/2015/08/18/filament-blockchain-iot/ Company: FILAMENT Class : IoT Founder: Eric Jennings 04 : IoT Blockchain : Ethereum??? Seed：$5M General : Filament build rugged sensor packages ($25), and they are connecting each other. They can share each information automatically. Feature : Hardware •  Gathering data from farms, mines, oil platforms and other remote or highly secure places. •  Devices can be nodes which connect existing machinery and industrial infrastructure to the network, or directly to each other. Software •  　Secure network Impact: Cost cut, decentralization, and autonomy Monetize: Sell Hardware and Software 16

Source : https://www.chronicled.com/ Company: CHRONICLED Class : C2C 05 : IoT Blockchain : Seed: $4825K Market: $12B US General : CHRONICLED provides C2C sneaker market by using IoT and blockchain. It delivers trusted IoT and supply chain solutions to enterprise clients. Chronicled secures IoT device identities, data, and event logs and automates IoT-dependent business logic through smart contracts. Feature : •  Using Smart Contract •  Provide chips and manage them by blockchain. •  Selected 3 blockchain startup by Plug and play. Impact: distinguishing a genuine from a fake. Monetize: Providing market place 17

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Source : https://chainalysis.com : https://www.crunchbase.com/organization/chainalysis#/entity Company: Chainalysis New York 2014〜 Class : Bitcoin API Founder: Jonathan Levin　Employee: 〜10 06 : Security Seed: $1.6M 1 round from 5 investors. General : Chainalysis is building the layer of compliance for the future of value exchange. Chainalysis is the leading provider of Anti-Money Laundering software for digital currencies. Feature : •  Customers: government and bunks. •  $10 billion worth of transactions was checked. •  Interactive investigation tool. •  Visualized, good UI Impact: detect fraud and prevent money laundering Monetize: Providing APIs 19

Source : https://www.coindesk.com/bloq-acqui-hires-blockchain-analytics-firm-skry/ Company: Skry Palo Alto 2014〜 Class : Big data, analysis Employee: 〜10 07 : Analysis Bitcoin Seed： $1.1M General :　Blockchain analytics and intelligence firm. It provides an end-to-end platform that enables enterprises to derive real-time business intelligence and risk assessment from Blockchains and decentralized applications. Feature : •  Anti fraud •  Cyber security •  Provide to financial institutions, law enforcement, and Bitcoin companies to detect suspicious activity. •  Has been acquired by Bloq. Impact: Data science × blockchain transactions. Monetize: consulting 20

Source :　https://storj.io/ Company: Storj Georgia 2014〜 Class : decentralized storage service Founder: John Quinn Employee: 10〜50 08 : Storage Blockchain : Ethereum Capital(seed)：$34.8M($4.8M) 5 rounds from 8 investors General : Storj leverages cryptocurrency, blockchains, and the power of the crowd to create the world's largest, cheapest, and safest cloud. Each year, 2/3s of all new hard drives are put directly into PCs. These drives are rarely used to capacity. By scavenging these wasted resources, Storj can provide unlimited cloud storage at a fraction of the cost of a traditional data-center. Feature : •  ICO $30M July 11 2017 •  Cheap and secure Impact: decentralize cloud. Monetize: charge 21

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Source : https://atlas.money/ Company: Atlas New York 2014〜 Class : Mobile banking Founder: James Schuler Employee: 11-50 09 : mobile banking Seed： $2.2M 3 rounds from 9 investors. General :Atlas connects communities around the world through mobile banking. It provides financial access to people all over the world by hooking into existing social systems, allowing for access to security, loans, and other financial products. The blockchain shows proof of origin for the money and all transactions, ensuring users know exactly where their money is and the latest transactions on their account Feature : •  Aim at emerging market. •  mobile peer-to-peer application. •  access to savings and credit through a decentralised solution. Impact: Mobile, financial inclusion, transparency Monetize: transaction fee. 23

Source : http://gigazine.net/news/20160114-open-bazaar/ Company: OpenBazaar Washington Class : P2P Market Founder: Brian Hoffman Employee:1〜10 10 : EC Blockchain : Bitcoincore Seed：$1M Capital: $4.2M 3 rounds from 5 investor General : OpenBazaar is a decentralized cryptocurrency marketplace that enables its users to trade online. By running a program on the computer, you can connect directly to other users in the OpenBazaar network and trade with them. This network isn't controlled by a company, it's a decentralized network that isn't run by any organization at all. Then, there are no mandatory fees to pay, and that your trade is censorship-resistant. Feature : •  Open source •  Peer to peer trade •  Cheap fee. Impact:　totally free market Monetize: chaerge, donation(now) 24

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Source : http://www.posabit.com/ Company: POSaBIT Seattle Class : payment Founder: Ryan Hamlin Employee: 11-50 11 : Payment Bitcoin Seed：$1.5M 1 round for 1 investor General : POSaBIT is a financial technology company that creates an easy way for consumers to acquire digital currency at the point of sale. They can then use the virtual currency to make purchases at that store through the POSaBIT system, or make purchases anywhere that accepts digital currency, such as bitcoin or litecoin, as a form of payment. Feature : •  Security system / reporting •  Micro-merchants •  No need to DL 3rd party App Impact: creates an easy way for consumers to acquire digital currency Monetize: ??? 26

Source : https://www.bitwage.com/ Company: BITWAGE San Francisco 2013〜 Class : Jobs and wages Founder: John Lindsay Employee: 1-10 12 : Payment Bitcoin Software Seed： $750K 2 rounds from 7 investors General : Jobs and Wages for Remote Workers and Dev Shops. It creates solutions for remote workers looking for work and to optimally receive their wages. It offers unique jobs, flexible distributions, reduced payroll costs and increased fulfillment speeds. Feature : •  Plug and play invested. •  iOS and Android are available. •  Blockchain guarantee Insured wage. •  14K workers, 24M wages. Impact: receive salary from abroad safely Monetize: charge UIFCFTUXBZGPSQSPGFTTJPOBMTUPSFDFJWFTBMBSJFTGSPNBCSPBEz #ZJOGPNPOFZ QBZJOHUFBNNFNCFSTTDBUUFSFEBSPVOEUIFHMPCFIBTBDUVBMMZCFFOFBTZ #Z##$ BXBZUPBWPJEUIFEFMBZFEQBZNFOUT DVSSFODZFYDIBOHFEFMBZT BOE QSPDFTTJOHFSSPSTUIBUBSFQMBHVJOHJOUFSOBUJPOBMDPOUSBDUPSTz 1$.BHB[JOF 27

Source : https://www.bitgo.com/solutions#blockchains Company: bitGo Polo Alto 2013〜 Class : Founder:Will O’Brien Employee: 11-50 13 : Security Series A：$12M 2 round from 13 investors General : BitGo empowers businesses to integrate digital currencies into their existing financial systems securely and at scale without ever taking custody of the asset. The company offers an enterprise-grade, multi-sig, multi-user Bitcoin wallet, as well as API access to its underlying security platform. BitGo was founded by Mike Belshe, Ben Davenport, and Will O’Brien, veterans in online security, digital currency, and financial technology. Feature : •  Processes over $1B transaction per month •  Provides private blockchain, API, and wallet Impact: Secure B2B blockchain Monetize: consulting, API 28

Source : https://www.simplex.com/ Company: Simplex Tel Aviv 2014〜 Class : Founder: Netanel Kabala Employee: 11-50 14 : Security Seed : $1M Series A: $7M 2 rounds from 6 investors. General :　Simplex is a cybersecurity company focused on identity verification and credit card fraud mitigation. It supports bitcoin exchanges, broker websites, and wallet applications with a platform for selling bitcoins online via credit card transactions. It simplifies conventional bitcoin purchases, allowing better access to the buying and selling of bitcoins. The company is based in Tel Aviv, Israel. 　 Feature : •  Based on Israel •  No fraud •  No hassle interfacing with clearing banks •  AI (machine learning) Impact: Fraud detection Monetize: system 29

Source : https://www.bitpesa.co/ https://www.crunchbase.com/organization/bitpesa#/entity Company: BitPesa Nairovi 2013〜 Class : FX Founder: Elizabeth Rossiello Employee: 11-50 15 : FX Seed: $1.7M Series A: $7M　5 rounds from 11 investors General : BitPesa is an online payment platform that leverages Blockchain settlement to significantly lower the cost and increase the speed of business payments to, from and within sub-Saharan Africa. BitPesa's clients range from African businesses and multinational companies paying suppliers as far as China and Dubai to international remittance companies using our API services for white-label payments to dozens of bank networks and mobile money operators across Nigeria, Kenya, Uganda, Tanzania, Senegal, and the DRC. Feature : •  Based on Africa •  85+ countries, 6000 users, 17,000transactions Impact: Safe FX and B2B payment 30

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Source : https://gem.co/ Company: Gem CA 2013〜 Class : application platform Founder: Micah Wimkelspecht Employee: 11-50 16 : Application Platform Seed: $3.3M Series A：$7.6M $12.5M 5 rounds from 23 investor General :　Gem’s blockchain application platform transforms how　companies connect to solve industry wide problems. By connecting companies to shared infrastructure, industries can eliminate data silos and orchestrate cross-industry workflows. Gem’s platform applies blockchain technology to identity, data, logic and network management across multiple industries including finance and healthcare. The result is GemOS, an operating system for global computers.　 Feature :　 •  Connecting companies. •  Providing OS of platform.　 •  Health care, and supply chain. Impact: One identity and one timeline.　 　 Monetize: providing platform 32

Source : https://www.factom.com/about https://www.crunchbase.com/organization/factom#/entity Company: Factom Austin 2015〜 Class : decentralized information Founder: Peter kirby Employee: 48 17 : Data Series A：$8M Seed: $1.5M 4 rounds from 7 investors. General : Factom stores the world's data on a decentralized system. Using blockchain technology for solution in the Mortgage Industry, IoT device integrity, digital assets and database integrity. Using the immutability of blockchain technology Factom provides 3rd party compliance, audit and due diligence certainty. Feature : •  125M records •  10M entries •  104K anchors •  Cooperate with Bill Gates fundation Impact: Secure data management Monetize: provide p2p system 33

Source :　https://imagine-orb.com/company/ Company: orb Tokyo 2014〜 Class : Local payment Founder: Masa Nakatsu Employee: 11-50 18 : Payment Seed: $2.8M 2 rounds from 5 investors General : Orb is a software foundation focused on providing business solutions to solve the issues of its current economic system. It is involved in the development of a decentralized cloud computing system for its users. The company’s core objectives vary from decentralizing its economic system to promoting digital currency, along with a settlements system that depends on a natural depreciation model and producing a coexistence-based new growth index. Through its decentralized technology, Orb enables various economic regions to run their systems without the support of a central governance model. Feature : •  Original technology “Orb DLT” •  Platform software Impact: Focus on local economy Monetize: providing system(“orb DLT”) 34

Source : https://www.blockcypher.com/ Company: Blockcypher Redwoodcity 2014〜 Class : Amazon web service Founder: Catheryne Nicholeson Employee: 11-50 19 : Infrastructure Seed：$3.4M 2 rounds from 20 investors General : BlockCypher is a cloud-optimized platform powering blockchain applications reliably and at-scale. BlockCypher's web services are blockchain agnostic and greatly reduce the complexity of building applications that run on multiple blockchains. Easily build, run and future proof blockchain applications on BlockCypher's Infrastructure. Feature : •  Talented partners. •  Invested by 500 startups. •  Multiple services. Impact: providing the infrastructure of blocjchain Monetize: providing platforms 35

Source : https://www.colu.com/ Company: colu. Israel 2014〜 Class : local payment Founder: Mark Smargon Employee: 11-50 20 : Payment Seed: $2.5M Series A：$9.6M 2 rounds from 4 investors General :　By giving people the ability to exchange digital cash directly with one another Colu is creating a new way of thinking about money that encourages sustainable and equitable economic growth while supporting local businesses.　Colu believes that real change begins at the local level. Through the use of local currencies, more people shop local, eat local, buy local, and live local, strengthening the local economy, and keeping the control of money in everyone's hands. With a strong and inclusive local economy people feel more connected to one another, increasing social responsibility and social capital. Feature : •  Pay with your smartphone. •  Increase social capital. •  Secure payment. Impact: enhance social connection. Monetize: transaction fee 36

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Source : https://www.brave.com/ Company: Brave San Francisco 2015〜 Class : SaaS Founder: Brendan Eich Employee: ??? 21 : SaaS Ethereum Seed: $7M ICO：$35M General :　Brave Software focuses on increasing browsing speed and safety for users, while growing ad revenue share for content creators. Brave aims to transform the online ad ecosystem with micropayments and a new revenue-sharing solution to give users and publishers a better deal, where fast, safe browsing is the path to a brighter future for the open web. Feature : •  Faster 2×〜8×, safer, ad-free •  Save money as $23 a month •  Block ad and tracker •  Secure •  Micropayment ad Impact: brows fast and secure Monetize: providing software 38

Source : https://www.crunchbase.com/organization/reveal-3#/entity Company: Reveal San Francisco 2014〜 Class : Social Network Founder: Josh Beal Employee: 1-10 22 : SNS Seed：$1.5M 1 round from 5 investors General : Reveal is a social network where friends can ask users questions, either anonymously or as themselves, and users can answer them with a photo or video revealing their opinions.Reveal Coin (RVL) is the currency of attention on Reveal issued by the Stellar network or by inviting friends to join Reveal. Users can earn Reveal Coin by posting content that gets likes from other users. Once a week the app adds up all the likes and sends out Reveal Coin as an appreciation for their contributions. Feature : •  Available for Android and iOS •  Social network using blockchain Impact: SNS×Blockchain Monetize: ??? 39

Source : https://blockstack.org/ Company: Blockstack New York 2013〜 Class : decentralize Application Founder: Ryan Shea Employee:??? 23 : Security Seed: $1.5M Series A：$4M 3 rounds from 14 investors General : Blockstack is a new decentralized internet and developer platform for secure and server-less Applications. It focuses on decentralized applications and allowing users to be in control of their data, identities, and software. Feature : •  73,816 users •  7153 community dev •  users get digital keys that let them own their identity. •  Blockstack's storage system allows users to bring their own storage. •  Blockstack's storage system allows users to bring their own storage Impact: New decentralized internet. Monetize:　Application 40

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Source : https://ripple.com/ Company: ripple San Francisco 2012〜 Class : payment Founder: Chris Larsen Employee: 101〜250 23 : International Payment Seed: $3.5M Angel: $3M Series A：$32M Series B: $55 8 rounds from 28 investors General : Ripple offers a global real-time payment system that enables banks and financial institutions around the world to directly transact with each other without the need for a central correspondent. The company also offers FX Market Making, a solution enabling enterprises to gain access to cross-currency liquidity through a distributed network that allows foreign exchange to be externally sourced from a competitive FX marketplace or an internal FX trading desk. This minimizes FX exposure thereby lowering the volatility and counter-party risk of trades. Ripple Insights features industry updates, insider perspectives, and in-depth market analysis. Founded in 2012. Feature : •  International transaction, FX •  instant, certain, low-cost international payments. Impact: send money globally, using blockchain technology. Monetize: charge 42

Source :https://markets.funderbeam.com/ Company: Funderbeam Estonia,UK Class : Investment without 3rd party CEO: kaidi Ruusalepp 24 : Investment Blockchain : ??? General :Funderbeam is a stock-exchange for startups. A growth company’ funding doesn’t have to adhere to the usual structure of seed round investment, series A, series B, etc. – instead it can just fund however much it wants whenever it wants. Feature : •  Platform for everyone. •  Open up for anyone to take part in investing in startups, not for just VCs and angels. •  Fee •  For investors its just 1% of any profit you make. •  Making lots of data and analysis tools available to investors. Impact: The democratize the investment process. Monetize: 1% of any profit you make. 43

Source : http://peernova.com/ Company: PEERNOVA San Jose 2014〜 Class : Data Founder: Naveed Sherwani Employee: 11-50 25 : Data Seed: ??? Series A：$13M Series B: $4M Capital: $31M 5 rounds from 9 investors General : PeerNova is a Silicon Valley-based technology company founded by veteran entrepreneurs with deep expertise in distributed systems, networking solutions, compiler technology, and financial services. The team consists of members with past experience at Intel, Qualcomm, Visa, IBM, and HSBC. PeerNova combines the best of Blockchain with Big Data and Cloud to uniquely enable financial institutions to securely and verifiably manage their data and address their reconciliation, audit, and compliance challenges. Feature : •  Secure data in financial industry Impact: the new standard for storing, securing, and validating data. Monetize: http://peernova.com/solutions/ 44

Source : https://symbiont.io/technology/ Company: symbiont New York 2015〜 Class : Founder: Mark Smith Employee: 11-50 26 : Security Capital： $7M 5 rounds from 8 investors General : Symbiont’s proprietary Smart Security® technology allows complex financial instruments to be modeled in an easy to understand programming language and fully digitized onto a distributed ledger. By using Smart Security® , user can share data, save cost, eliminate tampeling, reduce risk, increase transparency grow and adapt. Feature : Adapted to •  Syndicated and corporate loans •  Private equity and crowdfunding •  Corporate debt •  Asset digitization Impact: ??? Monetize: smart security 45

Source : https://ledgerx.com/ Company: LedgerX 　New York 2013〜 Class : Founder: Paul L Chou Employee: 11-50 27 : Exchange platform Seed: $1.5M Series A：?? Series: $11M General : LedgerX, LLC develops an institutional derivatives exchange platform for digital currencies. It has applied for registration with the U.S. Commodity Futures Trading Commission to operate a swap execution facility and derivatives clearing organization. Feature : •  The LedgerX management team comprises Goldman Sachs, MIT and CFTC alumni, who bring financial expertise, technical talent and regulatory experience to the firm. Impact: institutional derivatives exchange platform for digital currencies. Monetize: charge 46

Source : https://blockstream.com/ Company: Blockstream San Francisco 2014〜 Class : Founder: Adam Back Employee: 11-50 28 : Slidechain Seed: $21M↑ Series A：$55M Capital: $126M $126M 4 rounds from 22 investors General : Blockstream is the leading provider of blockchain technologies, on the forefront of work in cryptography and distributed systems. From fraud to counterfeiting, from security to confidentiality, from accountability to transparency, the mission is to solve problems that undermine trust in today's financial Systems. Blockstream provides a range of software and hardware solutions and expert professional services to companies deploying new blockchain-based networks. Feature : innovation in •  crypto currencies •  open assets •  smart contracts Impact: slidechains Monetize: open source platform 47

Source : https://axoni.com/ http://www.ibtimes.co.uk/icap-completes-blockchain-technology-test-1549595 Company: Axoni New York 2013〜 Class :financial Founder: Jeff Schvey Employee: 11-50 29 : Security Series A：$20M 1 round from 10 investors General : Axoni serves the world’s largest financial institutions and capital markets service providers with full stack blockchain solutions. It is a New York-based capital markets technology firm that specializes in distributed ledger infrastructure. The company was founded in 2013 by a team of distributed ledger technology entrepreneurs and cryptography specialists. Axoni’s product offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools. Feature : •  Distributed ledger technology •  Smart contract •  Analytics tool •  investors Impact: distributed-ledger technology for financial firms Monetize: consulting financial firms 48

Source : https://sldx.com/ 　　　　　https://www.crunchbase.com/organization/setl#/entity Company: SETL London 2015〜 Class : settlements and payments Founder: Peter Randall Employee: 1-10 30 : payment Series A：$39M 2 rounds from 1 investor. General :　SETL is an inititive to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system will enable market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting. Feature : •  Identification •  Payment and DVP •  High capacity •  Secure messaging Monetize: SETL OpenCSD 49

Source : https://chain.com/technology/ Company: Chain San Francisco 2014〜 Class : for developer Founder: Devon GundryEmployee: 11-50 31 : Finantial Seed: $4.2M Series B：$9.5M SeriesC: $30M 3 rounds from 22 investors General : Chain is a blockchain technology company that partners with financial firms to build and deploy blockchain networks which transform markets. Its solutions enable institutions to design, deploy, and operate blockchain networks that can power any type of asset in any market. The company offers Chain Open Standard, an open- source blockchain protocol for high-scale financial applications. It includes Chain Core, an enterprise-grade production node; and Chain Sandbox, a prototyping environment. Chain maintains strategic partnerships with financial services firms such as NASDAQ, Visa, Citi, Capital One, and Fiserv. Feature : •  Partners (NASDAQ, Visa, Citi, etc) •  Build for financial services •  Architected for enterprise •  Designed for developer Impact: Fast, secure financial services Monetize: Chain Core (Software) 50

Source : http://www.cryex.com/ Company: CRYEX Stockholms 2013〜 Class : Founder: Employee: 11-50 32 : Security IPO $10M 2 rounds from 2 investors General : CRYEX - THE GATEWAY BETWEEN FINANCIAL MARKETS & THE BLOCKCHAIN ECONOMY An experienced financial industry team with a strong track record across Banking, Investment banking, FX markets, Asset Management, Exchange trading, Technology, Regulatory, Risk and Security is hard at work changing the face of cryptocurrencies and building a financial services company. The CRYEX platform is an order driven, centrally cleared, blockchain compatible FX market place targeting all market participants with a highly differentiated and scalable business model. Feature : •  P2P FX market •  Dramatically reduce the cost of trading •  equal access to FX market for all Impact: P2P platform of FX Monetize: trading system 51

Source : https://neufund.org/ Company: NEUFUND Berlin 2016〜 Class : Investment Founder: Zoe Adamovics Employee: ??? 33 : Investment Seed : $2.13M 1 rounds from 2 investors General : Neufund will use the funding to build an open platform for investors to acquire startup equity in the form of tradable crypto tokens. The blockchain-based platform that Neufund is building creates a new type of ownership that is neither money nor stock, but crypto tokens which represent equity and at the same time are as liquid as a currency. Such tokens have an intrinsic value to the network, but at the same time they also represent value of the business operating in the real – off-chain – world. The blockchain is based on Ethereum. Using the legal and technical infrastructure, startups and established companies alike can legally issue a new type of asset we call tokenized equity. We achieve this by formally linking traditional contracts with Ethereum smart contracts through mutual reference and code correspondence. Feature : •  community-owned fundraising platform. •  Ethereum Smart contract. Impact: Investment without 3rd party Monetize: ??? 52

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Source : https://www.coinbase.com/ Company: Coinbase San Francisco Class : Wallet 34 : Wallet Application and Web service General : Popular bitcoin, ethereum, and litecoin wallet making it easy to securely buy, use, store, and accept bitcoin, ethereum, and litecoin. iOS and Android. Feature : •  Send and request bitcoin, ether, and litecoin •  Track bitcoin, ether, and litecoin price anywhere with bitcoin price charts, bitcoin price ticker, and price alerts •  Check balance, transaction history and transaction details for all your accounts in a glance •  Send bitcoin, ether, and litecoin via email, QR code •  Realtime and historical bitcoin, ether, and litecoin price charts Monetize: transaction fee. Customer: 10M Available Store: 38K Country: 38 Point: Sophisticated UI and UX 55

Source : https://www.kraken.com/en-us Company: Kraken San Francisco Class : Exchange Founded:2011 35 : Wallet Application and Web service General : One of the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. USD:194K, EUR:306K, GBP:3K, CAD:2K, JPY: 1.8K Feature : •  Security (Tokyo government's court-appointed trustee, and Germany's BaFin regulated Fidor Bank.) •  Kraken acquires the charting and trading platform Cryptowatch (2017) and lunched new trade platform. •  Kraken acquires the award-winning wallet funding service Glidera.(2016) •  Strong Security and legal. •  Liquidity, reliability, security, margin trading, advanced order type, proof of reserves audits. •  iOS Monetize: Transaction fee and consulting. Customer: ??? Country: 5 BTC Trade/month: 510K Point: Security and legal 56

Source : https://www.bitstamp.net/ : https://www.coindesk.com/bitstamp-wins-best-virtual-currency-startup-award-europas/ Company: BITSTAMP EU Class : Wallet Found: 2011 Seed:$10M 36 : Wallet Application and Web Service CEO: Kejc Kodric General : BITSTAMP is the fast licenced Bitcoin exchange. Users in all EU countries can exchange euros for Bitcoin and vice versa. They are able to do so on a fully licensed Bitcoin exchange. iOS and Android are available. Monetize: transaction fee. Customer: ?? Country: 28 BTC Trade/month: 380K Point: was named the Best Virtual Startup at 2014 Europe. Feature : •  the first nationally licensed Bitcoin exchange in the world. •  2nd(USD), 3rd(EUR) Bitcoin Exchange Market. •  installed the highest levels of security. •  Trade Instantly - all major credit cards are supported. 57

Company: bitFlyer Japan 2014〜 Class : No1 wallet and exchange in Japan Founder: Yuzo Kato Employee: 11-50 37 : Wallet General : bitFlyer is a Bitcoin exchange and marketplace that enables its customers to buy, sell, and spend bitcoins. The site offers an Application Programming Interface which allows the clients to access and control their accounts, using custom written software. In addition, it offers businesses e-commerce payment services that can transfer Bitcoin in order to provide users with secure trading by all possible measures of security as a comprehensive platform of Bitcoin. Crowdfunding site fundFlyer is used to publicize and generate awareness for their favorite projects and initiatives, all while raising funds in Bitcoin. bitFlyer was established in January 2014 and is headquartered in Tokyo, Japan. Monetize: transaction fee. Impact: No1 japanese exchange Feature : •  Miyabi　(blockchain made by bitflyer) •  Japanese No1 bitcoin exchange 58 Series A: $1.6M Series B:$5.5M Series C: $27M Capital: $36M 7 rounds from 10 investors Source: https://www.crunchbase.com/organization/bitflyer#/entity

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Source : https://bitpay.com/ Company: bitpay Class : bitcoin payment Founder: Stephen Pair Employee: 51-100 38 : Payment Seed: $2.5M Series A：$30M 3 rounds from 17 investors General :BitPay is the global leader in bitcoin payment processing with offices throughout North America, Europe, and South America. It provides mainly 3 services. 1. Receive settlement for bitcoin payments directly to your bank account in your own currency, with zero price volatility or risk. 2. Manage your bitcoin finances in one app with the secure, open source wallet by BitPay. Available for all major mobile and desktop platforms. 3. The BitPay Card lets you load dollars using any bitcoin wallet, with 0% fees. Get instant withdrawals from Visa® compatible ATMs and spend with any Visa® merchant. Feature : •  Was invested by Sir Richard Branson. •  https://bitpay.com/features Impact: Bitcoin×Card Monetize: Charge 60

Source : https://netki.com/about/ Company: NETKI Canoga Park 2014〜 Class : financial software Founder: Justin Newton Employee: 1-10 39 : Financial Software Seed: $3,.5M 1 rounds form 9 investors. General : Netki delivers software and services that enable financial technology and service companies to meet regulatory and legal compliance requirement on both private and public blockchains. Netki’s digital ID　 and Wallet Name make blockchains safe for a board range of business and personal use cases, while meeting national and international legal standards. The service provides automated onboarding and validation of new customers and easy sharing of digital Identities. Feature : •  The software can be embedded into finance, healthcare, business apps Impact: ??? Monetize: software and consulting 61

Source : https://www.abra.com/ Company: ABRA Class : digital wallet Founder: Pete kelly Employee: ?? 40 : Transfer Series A：$14M Series B: ?? 4 rounds from 15 investors General: Abra is the world’s first digital cash, peer-to-peer money transfer network. Abra uses bitcoin and blockchain technology to enable users to transact in over 50 currencies, including bitcoin. Abra Tellers represent a global, shared network of consumers helping each other easily deposit and withdraw cash from the Abra app anywhere in the world. Founded in 2014 by Bill Barhydt, serial entrepreneur and global mobile-banking veteran, their team is based in Silicon Valley and committed to forever changing how the world moves money. Feature : •  Planet of the App •  Mobile to mobile •  No transfer fee Impact: Buy, send, and hold simple, global and flexible. Monetize: charge 62

Source : https://uphold.com/ Company: uphold San Francisco 2014〜 Class : cloud Founder: John McDonnell Employee: 51-100 41 : Cloud Seed: $9.85M 1 round from 2 investors. General : Previously known as Bitreserve, Uphold enables anyone, anywhere to move, convert, hold and transact in any form of money or commodity instantly and securely. With our numerous patented and proprietary technologies including; Reserveledger™ and Reservechain™, our members, regulators and the wider public can verify - in real-time - our balances, transaction volumes and flows, solvency, assets and obligations and overall financial health. Uphold members funds are held in legally segregated accounts. The members can rest assured that value held in Uphold is 100% safe and secure and can be withdrawn, at any time, regardless of what is happening in the global economy. Feature : •  Regardless of what is happening in the global economy. •  Money Secure in the Cloud, Hold, move, convert and transact any form of money or commodity. Instantly and securely. Impact: money secure in the cloud Monetize: ??? 63

Source : https://www.sendwyre.com/about Company: wyre San Francisco 2013〜 Class : FX, payment Founder: Ioannis Giannaros Employee: ??? 42 : FX Series A: $5.8M 3 rounds from 7 investors General : Wyre created an FX engine room that intelligently and securely routes money abroad using hundreds of liquidity providers and settlement methods. Wyre is replacing banking technologies that have been stagnant for 30+ years. Providing an enterprise-level API which allows companies to instantly send funds worldwide, without taking on any price volatility, and for a fraction of the cost. We’ve partnered with Fortune 500 companies and are currently moving millions of dollars on a daily basis. Feature : •  Fast payment (delivered in 6 hours) •  Secure ( tracking) •  Charge a 0.75% transaction fee Impact: replacing banking technologies. Monetize: charge 0.75% transaction 64

Source : https://xapo.com/ Company: xapo 2012 Class : bitcoin wallet Founder: Wances Casares Employee: 11-50 43 : Wallet Series A：$40M 2 rounds from 17 investors General : At Xapo, they believe that bitcoin’s ultimate success will be based on trust – whether individuals trust the digital currency’s stability and whether they trust the industry’s security. That’s why we’ve assembled a team of financial services and security experts to build an entirely new bitcoin storage experience. By offering two distinct products – an easy access wallet and a locked-down vault – they’re marrying the convenience bitcoin users want for everyday needs with the security they require for confident bitcoin saving. It’s the most secure, the reliable, and the most convenient. That’s something we can all trust in. Feature : •  Xapo Debit card •  Strong security and easy access wallet. Impact: integrate bitcoin into everyday life Monetize: providing 2 services above 65

Source : https://www.crunchbase.com/organization/ledger-2#/entity Company: Ledger Paris 2015〜 Class : security for cryptocurrency Founder: Eric Larcheveque Employee: 11-50 44 : Security Seed：€1.3M SeriesA: $7M 2 rounds from 15 investors General : Launched in 2015, Ledger has designed an acclaimed line of hardware security devices quickly placing the company as a global leader on the market with 100,000 units sold in more than 130 countries. For enterprises and corporations, Ledger introduced the Vault: a fully managed SaaS solution addressing the need to safeguard very large amount of multiple cryptocurrencies while mitigating both IT and physical assault threats. The company is also active on the industrial IoT market, leveraging its Hardware Oracle technology to interface sensors and machines to smart contracts or blockchain based assets. Ledger is headquartered in Paris, has a production facility in Vierzon (France) and offices in San Francisco. The company has raised 8.5M$ so far, and has a team 40 collaborators. Feature : •  300,000 units sold •  More than 165 countries •  IoT×blockchain Impact:　devices related to blockchain Monetize: hardware and solutions for enterprices 66

Source : https://www.crunchbase.com/organization/bitpagos#/entity Company: ripio San Francisco 2013〜 Class : digital payment Founder: Luciana Gruszeczka Employee: 11-50 45 : Payment Seed: $4M Series A：$2.5M 6 rounds from 19 investors General : Ripio, formerly known as Bitpagos, is a financial payments company that provides electronic payment solutions for businesses in Latin America. It offers a range of financial services for the emerging markets using the blockchain technology to make a more accessible financial system. The company helps merchants process international transactions with credit cards or bitcoins for a fraction of the cost as well as consumers buy bitcoins instantly with cash. It deals with clients in Argentina, Brazil, Chile, and Ecuador. Feature : •  Latin America emerging markets Impact: Send, sell , pay, buy bitcoin Monetize: ??? 67

Source : https://xapo.com/ 　　　　　：https://www.crunchbase.com/organization/circle-2#/entity Company: CIRCLE Boston 2013〜 Class : online payment Founder: Jeremy Allaire Employee: 51-100 46 : Payment Series A：$9M, Series B: $17M Series C: $50M Series D: $60M $136 million from investors including Goldman Sachs, IDG China, Breyer Capital, Accel and General Catalyst. General :　Circle is a consumer finance company focused on transforming the world economy with secure, simple, and less costly technology for storing and using money.Circle is building products aimed at enabling greater ease-of-use in online and in-person payments, with enhanced security and privacy, and the convenience of free, instant, global digital money transfers. This app is free, easy to use, instant (skip the ATM), and social (based on conversations) Feature : •  Send money easily, no fee, and no boarder. •  Social communication × Payment Impact: can send money like a text. Monetize: charge　 68 l$JSDMFJTBDPOTVNFSGJOBODFDPNQBOZGPDVTFEPOUSBOTGPSNJOHUIF XPSMEFDPOPNZXJUITFDVSF TJNQMF BOEMFTTDPTUMZUFDIOPMPHZGPSTUPSJOH BOEVTJOHNPOFZ$JSDMFJTCVJMEJOHQSPEVDUTBJNFEBUFOBCMJOHHSFBUFSFBTFPGVTF JOPOMJOFBOEJOQFSTPOQBZNFOUT XJUIFOIBODFETFDVSJUZBOEQSJWBDZ BOEUIF DPOWFOJFODFPGGSFF JOTUBOU HMPCBMEJHJUBMNPOFZUSBOTGFSTz

Source : https://www.coinjar.com/ Company: COINJAR Melbourne 2013〜 Class : Spend, send, trade Founder: Asher Tan Employee: 11-50 47 : Payment Seed: $1.5M 3 rounds from 6 investors General : CoinJar is a powerful tool for managing money. User can spend, send and trade easily using bitcoins, pounds and dollars. -Spend anywhere Pay anyone in the world in under 6 seconds, for $0. Pay anyone with CoinJar Touch over the bitcoin network, anywhere in the world. -Send to anyone Send money to 196 countries, in 6 minutes, for $0. Use CoinJar to remit money anywhere instantly via bitcoin address or CoinJar username. -Trade with bitcoin Buy and sell in seconds, with a flat 1% fee Feature : •  70,000 users in the world •  $100M exchange tranzactions •  285 ,000 BTC sent Impact: Next personal finance account 69

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Source :https://augur.net/ : https://www.wired.com/2017/03/forget-bitcoin-blockchain-reveal-whats-true-today-tomorrow/ Company: Augur San Francisco Class : Prediction 48 : Prediction “wisdom of the crowd” Blockchain : Ethereum Coin : Rep Amount：11M General : Augur is a distributed protocol for prediction Market. Users participate in an open-source platform and predict future real events. If they are correct, they will get reward( Rep ), or they will lose Rep. Feature : •  Smart Contract by using Ethereum. •  Everyone can make gambling. •  Everyone participates in. •  Automatic bookmaker. •  Distributed fact stream Impact: This model might be applied to insurance. Monetize: transaction fee. 72

Source : http://nayuta.co/wp-content/uploads/pressrelease20151228.pdf Company: Nayuta Fukuoka(Japan) Class : IoT/IoM 49 : IoT Blockchain : Open Asset Protocol Seed:140M General : Nayuta provides electronic socket which is based on IoT×Blockchain. User who want to charge his/her device registers the amount of electricity on the smartphone. Then, user will be able to charge the device. Feature : •  Social infrastructure. •  Micro payment. Impact:　ELECTRICITY STEALING PREVENTION DEVICE 　 Monetize: Hard ware and system. 73

Source : http://lo3energy.com/ Company: LO3ENERGY Class : Energy Founder: Lawrence Orsini Employee: 1-10 50 : Energy Seed: Series A： General : LO3 Energy, Inc. (“LO3 Energy”) is an energy technology company that helps utility and energy retail customers clients create, deploy and monetize differentiated and compelling energy products and customer services in increasingly open and competitive electricity markets. Feature : •  Blockchain×energy •  Project energy and Microgrid Impact: Energy × Blockchain Monetize: ??? 74 TransActive Grid Project TransActive Grid is based on an open source, cryptographically secure decentralized application platform. Its business logic layer delivers real-time metering of local energy generation and usage as well as other related data. This open energy platform is transparent, auditable, non-repudiable, peer-to- peer, and cryptographically secure. Friction in the market is reduced by allowing different classes of users to transact openly on the platform. The first demonstration project is a neighborhood installation in Brooklyn, New York.

Source : https://www.everledger.io/ Company: Everledger London 2015〜 Class : Certification Founder: Leanne kemp Employee:11-50 51 : Digital Certification Seed: $118K General : built a global, digital ledger that tracks and protects valuable assets throughout their lifetime journey. It collects an asset’s defining characteristics, history, and ownership to create a permanent record on the blockchain. This digital incarnation, or thumbprint, is used by various stakeholders across a supply chain pipeline to form provenance and verify authenticity. Feature : •  $45 billion lost annually to insurance fraud •  65% of all fraudulent claims go undetected •  $2 billion annual cost of jewellery fraud to insurers Impact: the reduction of risk and fraud for banks, insurers and open marketplaces. Monetize: platform 75

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