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Strategic Intelligence: Blockchain

Publisher GlobalData
Published Apr 01, 2026
Length 91 Pages
SKU # GBDT21143320

Description

Strategic Intelligence: Blockchain

Summary

Expectations for blockchain adoption and its utility have significantly diminished now that the hype around the technology, which flourished between 2017 and 2020, has died down. The era of peak Web3 enthusiasm envisaged the decentralization of many applications, ranging from social media to finance, all operating on distributed ledgers (blockchains). However, this broad adoption did not materialize, and many early initiatives failed. The reality was that many issues and challenges in the enterprise market could be addressed more easily with existing technologies than with blockchain.

Key Highlights
  • Cryptocurrencies remain the most prominent use case for blockchain and the only area where it has successfully scaled; crypto can today be classified as a mid-sized alternative asset class that is here to stay. Beyond cryptocurrencies, there are a few examples of scaled blockchain applications in the consumer market. The non-fungible token (NFT) craze peaked around 2021, and we remain firmly in the NFT winter. As the prices of many NFT collectibles continue to fall and trading volumes dry up, the key question is whether we are seeing the end of NFTs as a meaningful asset class.
  • The most promising area for future blockchain adoption is finance, especially around the tokenization of financial assets and, potentially, the growth of central bank digital currencies (CBDCs), though in the latter case, these do not need to use blockchain to record transactions. While many global banks support tokenization across a range of financial assets, progress over recent years has been slow, and the ability of many of these applications to scale remains uncertain.
Scope
  • This report provides an overview of the blockchain theme.
  • It 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 detailed value chain 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.
Reasons to Buy
  • The adoption of blockchain has lagged behind that of other emerging technologies. The reason is that few understand blockchain. This report addresses that issue, providing a detailed, yet easy-to-follow overview of the technology that highlights its key characteristics and describes how blockchain works.
  • Our comprehensive value chain includes details of the leading players in areas like blockchain services, helping companies decide which vendors they should partner with on blockchain implementation projects.

Table of Contents

91 Pages
Executive Summary
Players
Thematic Overview
Technology Briefing
What is blockchain?
The four key characteristics of a blockchain
How a blockchain transaction works
What blockchain is not
Blockchain architecture
Public key encryption
Centralized versus distributed ledger
Consensus mechanisms
Types of blockchains
Which blockchain should you use?
Smart contracts
The role of cryptocurrencies in different types of blockchains
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Timeline
Value Chain
Infrastructure layer
Semiconductors
Nodes
Storage devices
Networking equipment
Data centers
Software layer
Blockchain protocols
Permissioned blockchains
Hybrid blockchains
Permissionless blockchains
Middleware
Application layer
Centralized applications
Services layer
Blockchain as a service
IT and professional services
Infrastructure as a service
Companies
Sector Scorecards
Application software sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Payments sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
Report Authors
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Companies
Table 5: Glossary
Table 6: GlobalData reports
Table 7: Report Authors:
List of Figures
Figure 1: Who are the leading players in the blockchain theme, and where do they sit in the value chain?
Figure 2: Blockchain is distinguished from traditional databases
Figure 3: A blockchain transaction can be broadly divided into six steps
Figure 4: Blockchain is not Bitcoin
Figure 5: Blockchain is a type of distributed database
Figure 6: The data stored in a block depends on the blockchain
Figure 7: Linking transactions together makes it practically impossible to tamper with them
Figure 8: Tampering with one of the blocks will cause the hash of that block to change
Figure 9: Public key encryption is essential for securing blockchain transactions and verifying ownership
Figure 10: Transactions are validated using a mechanism that is entirely independent of central control
Figure 11: Most permissionless blockchains use one of two consensus methods
Figure 12: Distinguishing between access control and network management in blockchain
Figure 13: Private and federated blockchains are the preferred choice for most enterprises
Figure 14: Selecting the type of blockchain is complex – a traditional database is often sufficient
Figure 15: Smart contract transactions can broadly be divided into seven steps
Figure 16: Top blockchain trends
Figure 17: The blockchain story
Figure 18: The blockchain value chain
Figure 19: The blockchain value chain - Infrastructure layer
Figure 20: Infrastructure layer – Semiconductors
Figure 21: Infrastructure layer – Nodes
Figure 22: Infrastructure layer – Storage devices
Figure 23: Infrastructure layer – Networking equipment
Figure 24: Hosting grows more decentralized, yet centralized providers like AWS retain a significant share
Figure 25: Infrastructure layer – Data centers
Figure 26: The blockchain value chain - Software layer
Figure 27: Permissionless versus permissioned blockchain protocols
Figure 28: Software layer – Permissioned blockchains
Figure 29: The three most popular third-party blockchain protocols for permissioned blockchains
Figure 30: Third-party protocols have a prominent role within the federated blockchain landscape
Figure 31: Hybrid blockchains are less common than permissioned and permissionless ones
Figure 32: Software layer – Hybrid blockchains
Figure 33: The competitive landscape for public permissionless blockchains is diverse
Figure 34: Software layer – Permissionless blockchains
Figure 35: Software layer – Middleware
Figure 36: Cross-chain interoperability enables interaction between different blockchain networks
Figure 37: Layer 1 solutions involve modifications to the underlying blockchain protocol
Figure 38: Layer 2 solutions operate on top of the existing layer 1 blockchain
Figure 39: Blockchain's inherent transparency and immutability present unique challenges in privacy and security
Figure 40: The blockchain value chain - Application layer
Figure 41: Application layer – Centralized applications
Figure 42: The blockchain value chain - Services layer
Figure 43: Services layer – Blockchain as a service
Figure 44: Services layer – IT and professional services
Figure 45: Services layer – Blockchain development and infrastructure services
Figure 46: A wide range of companies are making advances in blockchain
Figure 47: Who does what in the application software space?
Figure 48: Thematic screen - Application software sector scorecard
Figure 49: Valuation screen - Application software sector scorecard
Figure 50: Risk screen - Application software sector scorecard
Figure 51: Who does what in the payments space?
Figure 52: Thematic screen - Payments sector scorecard
Figure 53: Valuation screen - Payments sector scorecard
Figure 54: Risk screen - Payments sector scorecard
Figure 55: Our approach to identifying the companies most likely to succeed in a sector over the next five years

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