As many as 120 blockchain-related projects are being undertaken by governments and companies rated by credit agency Moody’s, new data shows.

Many of the projects have been publicly disclosed, and the report cites initiatives like the Hyperledger Projects as well as both regional and global finance consortiums as major drivers of issuer participation. A number of public sector initiatives are also cited.

The report also centered on smaller, more focused initiatives, including one by Allianz that saw the creation of a prototype for handling the trade of catastrophe swaps and bonds.

Other items included the calculation aren’t so certain, however.

The report cites work by the People’s Bank of China (PBoC), the Chinese central bank, to explore the development of an electronic currency. Though a blockchain-based digital currency is believed to be under consideration, signs indicate that the PBoC might ultimately look to other technologies.

That said, it’s too early to say what shape this or other central bank projects might take.

For its part, the credit agency argued that in spite of the activity among financials around the world, shortcomings remain.

“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, an SVP for Moody’s said in a statement.

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