“Blockchain Industry in Scotland Landscape Overview” — said to be Scotland’s first report into the blockchain economy — presents a summary of Scotland’s blockchain ecosystem as well as the technology’s benefits, challenges, and features.

“This is the first review of its kind into the companies, investors, and impact of blockchain that could unlock new and scalable innovation opportunities for our digital economy in Scotland,” said Suzanne Sosna, Scottish Enterprise’s Director of Economic Opportunities.

“The technology is most associated with the financial sector, but we wanted to look beyond that across industries where blockchain technology might be lesser known, but no less innovative, such as in education where it’s used to make qualifications secure.

“Scottish Enterprise will continue to support the development of blockchain technology to help business growth and innovation in Scotland.”

The report found that there are 60 blockchain-centric companies in Scotland, with most located in Edinburgh. These companies are using blockchain to develop new products or services, for recruitment and human resources tasks, energy and climate change efforts, crypto trading, and more. Further, there are 78 Scotland-based investors, 86 leaders, and 33 hubs with a blockchain focus.

In terms of the main economic opportunities for blockchain in Scotland, the report points to the sectors of finance, agriculture, manufacturing, healthcare, education, fast-moving consumer goods, spacetech, and energy as the areas that would benefit most.

The main challenges for wider adoption and usage of blockchain tech, however, include regulatory uncertainty, lack of technical expertise, and public perception — blockchain is often associated with cryptocurrency, which can instill negative perceptions due to the association with rogue and/or illicit activities.

Mentioned as one notable Scottish blockchain company is The Scotcoin Project. The Project designed their digital cryptocurrency to facilitate blockchain transactions within Scotland; they also use their digital currency to help Scotland’s third sector, going against the grain of broader society’s perception of what a crypto company is and does. Last month, DIGIT spoke to the Project’s CEO, Temple Melville — who has been listed in the report as a Scottish blockchain company leader — on their mission.

The report also highlights other blockchain-oriented companies like Glasgow-based Gigged.AI — a firm using artificial intelligence blockchain tech to create secure and transparent records of candidate qualifications, experience, and work history for businesses. The company most recently secured £1.6 million in a seed round led by Edinburgh-based Par Equity.

Recommended

• Innovation and Societal Impact Celebrated at ScotlandIS Awards
• South Lanarkshire Council Publishes Staff Salaries in Data Leak
• Talent Shortage: Data Leaders Say Attraction is their Biggest Challenge

On the report, Dominic Jennings, Head of Strategic Partnerships for Deep Knowledge Analytics — the research company who produced the report on behalf of Scottish Enterprise — said: “The use of blockchain technology can encourage growth across a diverse range of sectors through the development of innovative and secure solutions with potential to significantly boost Scotland’s economic growth.

“Deep Knowledge Analytics is proud to have worked with Scottish Enterprise to produce this landmark report and to promote the future growth of the blockchain industry in Scotland.”

To read a one page version of the report click here, and for the full 80-page report click here.