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Thematic Intelligence: Blockchain

Publisher GlobalData
Published Feb 28, 2024
Length 114 Pages
SKU # GBDT18640220

Description

Thematic Intelligence: Blockchain


Summary

When blockchain entered the corporate arena, it was one of the most hyped technologies ever. This initial enthusiasm proved to be a double-edged sword, as early adoption was driven by novelty rather than strategic value, leading to misaligned expectations and objectives and a lack of consideration for its appropriateness in specific use cases or industries.

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.

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.

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.
It 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 analysis of the business benefits of blockchain.
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

114 Pages
Executive Summary
Players
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
Industry Analysis
Market size and growth forecasts
The financial services industry leads the way in global blockchain spending
The US leads the way
Timeline
Signals
M&A trends
Venture financing trends
Patent trends
Company filing trends
Hiring trends
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
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Key M&A transactions associated with the blockchain theme in 2023
Table 5: Key venture financing deals associated with the blockchain theme in 2023
Table 6: Leading players associated with this theme and summarizes their competitive position
Table 7: Glossary
Table 8: GlobalData reports
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: GlobalData estimates that the global blockchain market will be worth $291 billion by 2030
Figure 18: The financial services industry leads blockchain spending
Figure 19: The evolution of blockchain can be divided into several distinct phases
Figure 20: The blockchain story
Figure 21: The number of blockchain-related M&A deals remains strong despite the crypto crash
Figure 22: Blockchain’s share of tech M&A deals is increasing
Figure 23: Centralized cryptocurrency exchanges lead the way in blockchain-related M&A activity
Figure 24: US companies8 lead blockchain M&A activity
Figure 25: In 2023, blockchain funding fell by 65%, while deal volume decreased by 41%
Figure 26: Blockchain’s growing prominence in tech funding
Figure 27: Large funding rounds are down in 2023 as investors become more cautious
Figure 28: Most of the volume is in early-stage deals, while most of the value is in later-stage deals
Figure 29: Blockchain is attracting a lot of attention from major venture financing firms
Figure 30: The number of patent applications has declined since peaking in 2021
Figure 31: China accounts for most blockchain patent applications, but the US is gaining share
Figure 32: Chinese companies lead blockchain-related patent activity
Figure 33: The number of blockchain companies going public has boosted filing mentions
Figure 34: Blockchain and cryptocurrencies remain intertwined in company filings
Figure 35: Cryptocurrency-related businesses have the most blockchain mentions
Figure 36: The number of active blockchain job postings remains high despite layoffs
Figure 37: Blockchain hiring is concentrated on specific sectors and occupations
Figure 38: Crypto exchanges, professional services, and financial firms lead blockchain hiring
Figure 39: The blockchain value chain
Figure 40: The blockchain value chain - Infrastructure layer
Figure 41: Infrastructure layer – Semiconductors
Figure 42: Infrastructure layer – Nodes
Figure 43: Infrastructure layer – Storage devices
Figure 44: Infrastructure layer – Networking equipment
Figure 45: Hosting grows more decentralized, yet centralized providers like AWS retain a significant share
Figure 46: Infrastructure layer – Data centers
Figure 47: The blockchain value chain - Software layer
Figure 48: Permissionless versus permissioned blockchain protocols
Figure 49: Software layer – Permissioned blockchains
Figure 50: The three most popular third-party blockchain protocols for permissioned blockchains
Figure 51: Third-party protocols have a prominent role within the federated blockchain landscape
Figure 52: Hybrid blockchains are less common than permissioned and permissionless ones
Figure 53: Software layer – Hybrid blockchains
Figure 54: The competitive landscape for public permissionless blockchains is diverse
Figure 55: Software layer – Permissionless blockchains
Figure 56: Software layer – Middleware
Figure 57: Cross-chain interoperability enables interaction between different blockchain networks
Figure 58: Layer 1 solutions involve modifications to the underlying blockchain protocol
Figure 59: Layer 2 solutions operate on top of the existing layer 1 blockchain
Figure 60: Blockchain's inherent transparency and immutability present unique challenges in privacy and security
Figure 61: The blockchain value chain - Application layer
Figure 62: Application layer – Centralized applications
Figure 63: Major financial institutions view asset tokenization as a significant market opportunity
Figure 64: The blockchain value chain - Services layer
Figure 65: Services layer – Blockchain as a service
Figure 66: Services layer – IT and professional services
Figure 67: Services layer – Blockchain development and infrastructure services
Figure 68: A wide range of companies are making advances in blockchain
Figure 69: Who does what in the application software space?
Figure 70: Thematic screen - Application software sector scorecard
Figure 71: Valuation screen - Application software sector scorecard
Figure 72: Risk screen - Application software sector scorecard
Figure 73: Who does what in the application software space?
Figure 74: Thematic screen - Payments sector scorecard
Figure 75: Valuation screen - Payments sector scorecard
Figure 76: Risk screen - Payments sector scorecard
Figure 77: Our five-step approach for generating a sector scorecard

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