World Economic Forum has named Blockchain, the world’s leading provider of blockchain technology, as Technology Pioneer. The company will be joining a selection of the world’s most innovative companies.

In all, 30 Technology Pioneers were chosen from among hundreds of applicants by a selection committee of 68 academics, entrepreneurs, venture capitalists, and corporate executives. The committee based its decisions on criteria including innovation, potential impact, working prototype, viability, and leadership.

“Technology Pioneers represent a global community of trailblazing companies. They are usually in the start-up stage, with the potential to significantly impact business and society through the design, development and implementation of new technologies and innovations”, the website reads.

Blockchain is advancing the Fourth Industrial Revolution and transforming the 13 trillion dollar financial services industry. WEF said that Blockchain was selected for its success in modernizing the way individuals and organizations manage and move value. It enables the world’s leading companies to modernize cross border payments, settlements, and private company ownership. Moreover, the company allows a greater percentage of the world's population to leverage digital finance to create a better economic future.

“We welcome Blockchain in this group of extraordinary pioneers,” said Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “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.

“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,” said Smith. “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.”