Blockchain in Business: What Do Companies’ 10-K Reports Say About DLT?

Three researchers from the Walton College at the University of Arkansas – Mary Lacity, Kris Allee and Yaping Zhu – looked at SEC-required reports to “examine companies’ propensity to discuss blockchains in their 10-Ks in order to measure the degree of their investment in this technology.”

An excerpt from the report on their findings:

We extracted 10-K reports from the years 2014 to 2018 that mentioned the terms “blockchain” or “distributed ledger” and counted the number of times a corporation used them. We found very modest results. Of the 36,836 10-K reports in the database spanning five years, only 242 reports — representing a little more than half of a percent — mentioned blockchains or distributed ledgers. Thus, most of corporate America is silent on blockchains in the 10-K reports, suggesting that involvement with blockchain is not yet materially significant enough to alert investors.

Read more of what they wrote about their findings at