# Comparative analysis `kaal:entity:comparative-analysis` **Status.** derived This node is assembled mechanically from the 9 claims that carry the concept tag `comparative-analysis`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself. ## Every claim under this term 9 claims across 1 works, 2017 to 2017. **2017** - [3002908-025](https://wulfkaal.github.io/claims/3002908-025) [empirical/evidenced] -- The market for private investment funds that invest in and utilize blockchain technology is close to equally divided between the United States and the European Union, with Russia and China playing significant roles. > The data analysis in this article suggests that the market for private investment funds who invest in- and utilize blockchain technology appears to be near equally divided between the US and the EU with Russia and China playing a significant role. Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-026](https://wulfkaal.github.io/claims/3002908-026) [empirical/evidenced] -- The size distribution of blockchain using funds differs sharply across regions: in the United States most such funds hold between one and fifty million dollars in AUM, while in Europe funds with more than two hundred million dollars in AUM are the majority. > majority of the private funds have AUM varying in a range comprised between $1 to #50 million AUM with only 2 funds whose AUM are between $101-150 AUM and above to $ 200 million AUM, in Europe the situation is rather different: private funds with an AUM higher than $200 million are the majority Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-027](https://wulfkaal.github.io/claims/3002908-027) [empirical/argued] -- The authors interpret the AUM difference as suggesting that larger European advisers are more willing to fund blockchain infrastructure, while in the United States legacy systems used by larger advisers create a barrier to entry. > This could suggest that in Europe larger private investment fund advisers are more willing to make the required investments into a blockchain infrastructure whereas in the US the legacy systems utilized by larger private investment fund advisers creates a barrier to entry Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-028](https://wulfkaal.github.io/claims/3002908-028) [failure/argued] *(failure mode)* -- The authors undercut their own legacy systems explanation: legacy systems in the EU should theoretically create the same barriers, and there is no reason to believe US legacy systems are more of an obstacle than European ones. > Theoretically, however, legacy systems in the EU should create the same barriers for larger private investment fund advisers. There is no reason to believe that legacy systems in the United States would constitute more of an obstacle than legacy systems in the EU. Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-029](https://wulfkaal.github.io/claims/3002908-029) [mechanism/argued] -- A competing explanation for the transatlantic size gap is compositional: American blockchain funds are mostly newly created ad hoc vehicles focused exclusively on blockchain, while European ones are more established and older financial institutions. > American private investment funds investing in blockchain are mostly newly and ad hoc created investment vehicles, focused exclusively on blockchain. Whereas the vast majority of European private funds are more established and older financial Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-030](https://wulfkaal.github.io/claims/3002908-030) [empirical/evidenced] -- Larger European private fund advisers implement more conservative investment strategies, using blockchain technology predominantly to invest in and secure crypto assets. > The data seems to suggest that the larger European private fund advisers implement more conservative investment strategies and use the technology predominantly to invest in- and secure crypto assets. Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-032](https://wulfkaal.github.io/claims/3002908-032) [empirical/evidenced] *(failure mode)* -- Raw country level counts overstate American leadership: normalizing by population shows roughly 7.5 million people per blockchain fund in the United States against roughly 2.8 million in the United Kingdom, so the distribution across countries is more even than the map suggests. > Although the map suggests that the United States is heavily invested in blockchain, in comparison with other countries we see a more even distribution between countries than the map would suggest. Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-035](https://wulfkaal.github.io/claims/3002908-035) [empirical/evidenced] -- Fund type composition diverges across regions: in the United States hedge funds dominate the blockchain using sample, while in Europe venture capital funds clearly predominate. > the majority of private funds are hedge funds (10), tech funds (7), private equity (5), venture capitals (4) and others (2). In Europe, the distribution among the types of investors is different: the majority of the private funds identified are venture capitals (22) Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 - [3002908-040](https://wulfkaal.github.io/claims/3002908-040) [empirical/evidenced] -- American fund advisers use the smart contracting features of blockchain more frequently than European advisers, in order to build more advanced and innovative crypto businesses and business structures. > Whereas American fund advisers appear to more frequently use the smart contracting features of the technology to build more advanced and innovative crypto businesses and business structures via blockchain technology. Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908 ## Verify Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust. curl -s https://wulfkaal.github.io/entities/comparative-analysis.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.