Cryptocurrencies hog the spotlight, but blockchain’s biggest innovations are below the surface, saving billions each year for the world’s largest companies.
Led by 29-year-old Sam Bankman-Fried, the world’s richest crypto billionaire , FTX dominates the hypercompetitive crypto exchange landscape. It handles some 10% of the $3.4 trillion face value of derivatives traded by crypto investors each month. FTX pockets 0.02% of each of those trades on average, good for around $750 million in nearly risk-free revenue—and $350 million in profit. Additionally, the company hauled in a record $1.
In November, for example, water purification firm Botanical Water Technologies started building a trading platform using Fujitsu’s in-house distributed ledger technology, which will allow sugar mills, distilleries and cola makers to sell or reuse the water they would normally discard during production. The platform, launching in April, will trace the water as it’s purified, sold and delivered, and give companies the option to donate a portion of their purified water to water-scarce communities.
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