A new report by Moody's investors service has shown that more than 120 blockchain-based ongoing projects are being undertaken by many companies that are rated by Moody’s.

According to the announcement, Moody’s said that the blockchain technology has applications in sectors including healthcare and energy, trade finance and capital markets, to mention few. It also mentioned that blockchain can bring benefits to the financial industry and beyond when given time.

"There is significant enthusiasm for the potential of the technology, but there is still a limited track record of large-scale blockchain implementation in a regulated environment, and many hurdles lie ahead before we see widespread applications," Robard Williams, senior vice president at Moody's said.

The challenges of the blockchain technology include its compatibility with existing systems, questions around the regulatory treatment of the technology and the need for its development in the industry standards to name few.

The report indicates work by the People’s Bank of China (PBoC), the Chinese central bank. The company believes that the benefits of the processes in terms of speed, cost, security, auditability will continue to progress developments and investments.

Moody's Corporation is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. Moody's is an essential component of the global capital markets, providing credit ratings, research, tools, and analysis that contribute to transparent and integrated financial markets.