Blockchain has been named as World Economic Forum Technology Pioneer, joining other big names in being recognized as having the potential to significantly impact business and society through new technologies and advance the Fourth Industrial Revolution. Blockchain is advancing and transforming the 13 trillion dollar financial services industry by empowering millions across the globe to authenticate and transact immediately and without costly intermediaries.

Blockchain was selected for its success in modernizing the way individuals and organizations manage and move value. Blockchain allows the world’s largest companies to modernize age-old issues like cross border payments, settlements, and private company ownership. Beyond corporations, blockchain technology enables a greater percentage of the world’s population to leverage digital finance to create a better economic future.

Head of Technology Pioneers at the World Economic Forum, Fulvia Montresor said: “We welcome Blockchain in this group of extraordinary pioneers. Blockchain is among those companies helping to shape the Fourth Industrial Revolution, a technological revolution that will fundamentally alter the way we live, work and relate to one another. Through the platform of the World Economic Forum, it will be able to scale and share its technology and achieve a larger impact.”

Peter Smith, Blockchain’s Chief Executive Officer, will participate in the Forum’s Annual Meeting of the New Champions in Tianjin, People’s Republic of China. Many Technology Pioneers will also participate in the World Economic Forum Annual Meeting 2017 in Davos-Klosters, Switzerland.

Smith commented: “We are honored to join past recipients like Google and Airbnb as well as this year’s impressive list of World Economic Forum Technology Pioneers. It is a confirmation of our technology’s potential to transform the business and global communities, at large. We hope to leverage the opportunities afforded by this award to bring a better economic future to billions across the world.”

The 30 Technology Pioneers were chosen from among hundreds of applicants by a selection committee of 68 academics, entrepreneurs, venture capitalists, and corporate executives. Notable members of this year’s jury committee include Jeffrey M. Drazen (Editor-in-Chief, The New England Journal of Medicine) and Sang Yup Lee (Distinguished Professor and Director, Korea Advanced Institute of Science and Technology). The committee based its decisions on criteria including innovation, potential impact, working prototype, viability, and leadership. Past recipients include Google (2001), Wikimedia (2007), Mozilla (2007), Kickstarter (2011) and Airbnb (2013).