40% of UK sandbox participants said to use blockchain in business

Posted 04 July, 2018

UK Financial Conduct Authority has released the list of the companies that will take part in its sandbox. The list contains 29 companies, with 40% of them running the business on blockchain technology.

FCA sandbox is the project aimed at helping the companies to trial their services in the market. Meanwhile, the authority will protect customers and does not restrain the participants.

For reference, this sandbox project was a part of the Innovate initiative launched back in 2014. The total number of applications exceeds 1,200. For now, the regulator greenlighted about 500 companies.

It was collected 69 applications for the 4th round. Of the whole amount, 29 companies were reportedly allowed to participate in the project. As stated the regulator, almost a half of all companies use blockchain in their business. Some companies use distributed ledger for insurance assessment, debt payments, API, geolocation, etc.

The representative of FCA commented that this is the biggest group of the project, adding that the regulator received a record amount of the applications this time.

“Cohort Four has seen a large increase in the number of firms testing wholesale propositions including firms that are aiming to increase the efficiency of the capital-raising process. Alongside these we can see significant use of [DLT], some experimentation with crypto assets which will help inform our policy work and propositions aimed at helping lower-income consumers,” he said. 

For reference, FCA launched a similar global sandbox project seeing good results in the UK and a need for the global sandbox on fast-growing businesses. About 90% of the first group companies have managed to enter the real market.

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