Blockchain – Thematic Intelligence
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Blockchain Theme Analysis Report Overview
Blockchain is a type of distributed ledger comprising unchangeable, digitally recorded data in packages called blocks. Each block is ‘chained’ to the next block using a cryptographic signature. The four key characteristics that make blockchain uniquely different from traditional databases are decentralization, cryptography, validation, and immutability.
Key Features of Blockchain Technology
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With the hype around blockchain subsiding, adoption is quietly increasing, focusing on practical benefits and efficiency gains rather than technological novelty. This shift from complete overhauls to narrower but clearer industry-specific applications, often developed in-house, reflects a maturing landscape. The realization that blockchain’s fit may not be universal, coupled with the importance of having a strong digital infrastructure in place, will continue to drive the trend toward meaningful implementation.
Page Count | 103 |
Key Value Chain Components | · Infrastructure Layer
· Software Layer · Application Layer · Services Layer |
Key Companies | · Accenture
· Alibaba · Alphabet · Dapper Labs · HSBC · IBM · JPMorgan Chase · Ripple · Salesforce · Tencent |
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Blockchain Trends
The main trends shaping the blockchain theme over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.
Technology trends: The key technology trends impacting the blockchain theme are the use of permissioned blockchain tools to speed up business processes, increase transparency, and reduce costs; and blockchain as a service (BaaS), a cloud-based tool. Furthermore, technological innovations such as smart contracts and Layer 2 solutions; growing focus on interoperability; and the rising popularity of cryptocurrencies, Web3, and Non-fungible tokens (NFTs) will significantly affect the blockchain theme in the coming years.
Macroeconomic trends: Blockchain consortia such as Aura, Canton, and Hyperledger; the Chinese government-backed Blockchain-based Service Network (BSN); and the growing focus on ESG are the key macroeconomic trends that will impact the blockchain theme. The market will also be impacted by the global demand for blockchain professionals; asset tokenization gaining prominence in financial institutions; and the emergence of the Play-to-earn (P2E) model.
Regulatory trends: The key regulatory trends influencing the blockchain theme are the diverse regulatory approaches on various areas of blockchain, such as smart contracts, tokenization, and data protection; and the absence of definitive technical and governance standards in blockchain.
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Blockchain Industry Analysis
GlobalData estimates the global blockchain software and services market was $12 billion in 2023 and will grow at a CAGR of more than 54% by 2030. The maturing landscape means that roles are becoming more defined and segmented, with specific areas such as asset tokenization, blockchain development, and infrastructure services increasingly driving market growth.
In 2023, blockchain spending was the highest in the banking, finance, and insurance industries, with significant applications in cross-border payments, trade finance, and asset management. The sector’s substantial investment capacity, coupled with an interest in areas such as asset tokenization, a potential major value driver, has reinforced its dominance in blockchain investment. Beyond finance, blockchain adoption is notable in supply chain-oriented industries like retail and construction, primarily for transaction processing and asset tracking.
Furthermore, North America, particularly the US, remains the leading region in developing blockchain technologies, accounting for 40% of global blockchain revenues in 2023, followed by Europe. However, Asia-Pacific is predicted to show the highest growth during the forecast period owing to a favorable regulatory environment, strong government initiatives, and a growing middle class that demands enhanced financial services.
Global blockchain revenue, 2019-2030
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Blockchain Value Chain Analysis
GlobalData’s blockchain value chain consists of four layers: The infrastructure layer, the software layer, the application layer, and the services layer.
Infrastructure layer: The infrastructure layer of the value chain includes the hardware and supporting software necessary for the operation of blockchain protocols and networks, with specific requirements varying by blockchain type. This layer comprises five sub-categories: semiconductors, nodes, storage devices, networking equipment, and data centers. While some enterprises manage nodes in-house, others prefer the potential cost-saving advantages of blockchain as a service (BaaS).
Blockchain Value Chain Analysis
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Blockchain – Competitive Landscape
A few of the leading companies making their mark within the blockchain theme include:
- Accenture
- Alibaba
- Alphabet
- Dapper Labs
- HSBC
- IBM
- JPMorgan Chase
- Ripple
- Salesforce
- Tencent
Application Software Sector Scorecard
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our application software sector scorecard has three screens: A thematic screen, a valuation screen, and a risk screen.
Blockchain is a theme that impacts many of the sectors we cover. In this section, we focus specifically on the application software and payments sectors.
- The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
- The risk screen ranks companies within a particular sector based on overall investment risk.
Application Software Sector Scorecard
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Scope
This report provides an overview of the blockchain theme.
- The report identifies the key trends impacting the growth of the theme over the next 12 to 24 months, split into three categories: Technology trends, macroeconomic trends, and regulatory trends.
- The report contains a comprehensive industry analysis, including global market size and growth forecasts for blockchain, details of M&A deals driven by the blockchain theme, and an analysis of the business benefits of blockchain.
- The report includes details on the value chain that comprises four layers: The infrastructure layer, the software layer, the application layer, and the services layer. Leading and challenging vendors are identified across each of these layers.
Key Highlights
Despite the subsiding hype, blockchain innovation continues. The sector is awash with developments like rising competition among smart contract blockchains, the rebranding of blockchain into Web3, the emergence of soulbound tokens, and the ever-vibrant world of cryptocurrencies. These trends highlight that while enterprise adoption advances steadily, the public blockchain space remains dynamic.
If cryptocurrencies were blockchain’s first killer use case, then the tokenization of real-world assets is the second. Most major financial firms launched asset tokenization initiatives in the past two years, citing their market potential. Converting various assets into tradable digital tokens lowers entry barriers by enabling fractional ownership and enhances global participation through increased liquidity and faster settlements. Its impact is particularly notable in making traditionally illiquid assets like real estate and fine art more accessible. This has broad implications for how wealth is distributed and how the economy functions.
Reasons to Buy
- This report addresses concerns regarding the lag behind the adoption of blockchain compared to other emerging technologies.
- The report provides a detailed, yet easy-to-follow overview of the blockchain technology, highlighting its key characteristics, and describing how blockchain works.
- The report includes a comprehensive value chain analysis of the leading players in areas such as blockchain services, which will help companies choose vendors to partner with on blockchain implementation projects.
Accton
Achronix
Adata
Adidas
Advanced New Technology
Aergo
AION
Alchemy
Algorand
Alibaba
Alphabet (Google)
Amazon
Amber
AMD
Animoca Brands
Ankr
Ant Group
AON
API3
Arista
Astar
Atos
Aura Blockchain Consortium
Auradine
Australian Open
Ava Labs (Avalanche)
Avado
Aventus
Axoni
Aztec
Baidu
Bakkt
Band Protocol
BHP Billion
BigChainDB
Binance
Bitcoin
Bitcoin Depot
BitcoinCash
BitDeer
BitGo
BlackRock
Block.One
Blockchain
BlockCypher
Blockdeamon
BlockNet
BlockPass
Blockpit
BNY Mellon
Boba
Broadcom
Broadridge
Buffalo
Bullish
Canton Network
Capgemini
Cardano
CargoX
Carrefour
Celer
Chainlink
ChainReaction
Chainstack
Chainyard
Chiliz
Chronicled
Ciena
Cipher Mining
Circle
Cisco
Citi
Civic
Clarins
Coinbase
CoinGecko
Commerzbank
ConsenSys
Core Scientific
Covalent
Crypto.com
DAppNode
De Beers
Dell
Deloitte
Deutche Börse Group
Dfinity
Diesel
Diginez
Dogecoin
DragonChain
DTCC
Energy Web Foundation
Enigma
Ericsson
Ethereum Enterprise Alliance
Ethereum Foundation
Extreme Networks
EY
Fantom
Filecoin
Financial Services Blockchain Consortium Shenzhen (FISCO)
Fireblocks
Flare
Flow
Fnality
Formula 1
Forte Labs
Franklin Templeton
Fuel
Fujitsu
Genesis Digital Assets
GetBlock
Global Shipping Business Network (GSBN)
Goldman Sachs
HCLTech
Hedera Hashgraph
Hetzner
Hewlett Packard Enterprise
Hitachi
HSBC
Huawei
Hut8
Hyperledger Foundation
IBM
ICBC
ICON
Immutable
Infosys
Injective Labs
Insupr
Intel
Interchain Foundation (Cosmos)
JPMorgan Chase
Juniper Networks
Kadena
Kaleido
Kava
Kayak
Keep
Kilt Networks
Kingston
Klatyn
Komgo
KPMG
Kraken
L1D
Lattice
Layer Zero
Ledger
Lenovo
Litecoin
Lloyds Bank
Loopring
Louis Vuitton Moet Hennessey
Magic
Manta Network
Mantle
Marvell
MasterCard
Masverse
Mercedez Benz
Microchip
Micron
Microsoft
MicroStrategy
MOBI
Modex
Monero
MoonPay
Moralis
MultiChain
MultiversX
nChain
Near Protocol
Neon
Nike
Nokia
NTT Data
Nvidia
NXP
Oanda
Oasis Labs
Offchain Labs (Arbitrum)
OneKey
Optimism
Oracle
OVH
Parsiq
Paxos
PayPal
Penguin Solutions
PharmaLedger
PingAn
PNY
Polestar
Polygon
Polymath
PolyMesh
Powerledger
Provable
Provenance
PureStorage
PWC
QCT
Quant
QuickNode
R3
Raiden
Repsol
Ripple Labs
Rise In
Robinhood
SAI
Salesforce
Salt Lending
Samsung
SAP
Scroll
Seagate
Securitize
Shell
Siemens
SK Hynix
Skale Network
Snowflake
Societe Generale
Solana Labs
Sony
Sorare
Sovrin
StakeBox
Standard Chartered
Starbucks
StarkWare
Start9
Stellar
Stelsi
Sugon
SushiSwap
Swift
Symbiont
Talan
Tata Consulting Services
Tatum
Taurus
TaxBit
Tech Mahindra
Tellor
Tencent
TeraSwitch
Tezos
Thales
Theta
Threshold
Thridweb
Tokeny Solutions
Tornado
Toshiba
Tron Foundation
TrueBit
tZero
UMA
Umbrel
Unchained
VAKT
VeChain
Veem
Visa
Vodafone
Walmart
Wanchain
Wax
Web3 Foundation (Polkadot)
Weex
Wells Fargo
Western Alliance
Western Digital
Wipro
Witnet
Worldcoin
Wormhole Foundation
XDC Network
Yuga Labs
Zcash
ZTE
Zyber365
Table of Contents
Frequently asked questions
-
What are the key trends shaping the blockchain theme?
The main trends shaping the blockchain theme over the next 12 – 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.
-
What are the main layers of the blockchain value chain?
The blockchain value chain comprises four layers: The infrastructure layer, the software layer, the application layer, and the services layer.
-
Which are the leading companies in blockchain theme?
A few of the leading listed companies making their mark within the blockchain theme are Accenture, Alibaba, Alphabet, Dapper Labs, HSBC, IBM, JPMorgan Chase, Ripple, Salesforce, and Tencent among others.
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