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Enterprise Blockchain Solutions
Overview
It was around a decade ago that, with the emergence of Bitcoin, the term “blockchain” first entered the public conversation. Since then, Cryptocurrencies have generally acted as the foundation for various novel use cases of blockchain tech. Concepts such as Web3 and Decentralized Finance (DeFi) have become the talk of the town, each with a similar premise—moving control away from Big Tech and the big banks. Despite this, enterprises too are starting to leverage the blockchain across their own processes as the technology starts opening up new use cases for business.
Enterprise blockchains are unlocking new ways for companies to collaborate. They help to eliminate silos from disconnected supply chains and securely handle sensitive data. Blockchain and smart contracts also support companies in managing and monetizing their tangible and intangible assets. With 90% of companies in the US, UK, and China stating that they have begun to use blockchain in some capacity,, many enterprises are seeing the value in this and coming together via consortiums to fast-track adoption. However, this technology is not without its risks, which include the lack of regulation and interoperability standards. Also, to most people, blockchain and crypto are interchangeable terms, even though crypto is just one such application of blockchain technology. Furthermore, a series of recent market dips and high-profile scandals have not exactly helped enterprise confidence in the tech.
Industry Updates
Market Sizing
The US Enterprise Blockchain Solutions market could reach USD 7.4 billion–11.1 billion by 2028
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Use cases
Enterprise blockchain solutions are commonly used across a number of industries, with financials and industrials being the most prominent. Specifically, this includes the financial services and capital markets subsegments for financials, as well as air, freight, and logistics and electrical equipment for industrials.
Credential verification was among the most common use cases, with many players opting to use blockchain-based intellectual property and identity management solutions to streamline authorization processes via digital credentials and decentralized IDs. Moreover, a large number of enterprises also used blockchain solutions for supply chain management as they allow tracking of verifiable product information, such as price, date, location, and quality, across the entire supply chain.
Market Mapping
In an enterprise context, blockchains are most useful when there is a need to share data and transactions between multiple parties that may not fully trust each other and also, when there is a benefit from having a single source of truth that is immutable and transparent.
The enterprise blockchain space is segmented according to its most notable applications, including supply chain management, IP management, hosting content, and database management. To facilitate the adoption of blockchain technology, providers in the blockchain-as-a-service segment offer turnkey solutions to enterprises, enabling them to initiate their blockchain-based applications without the need to develop their own blockchain infrastructure.
Incumbent activity primarily focuses on the blockchain-as-a-service segments. Nevertheless, notable technology giants like Amazon, IBM, and Oracle have developed comprehensive blockchain offerings that cater to diverse use cases, with a particularly strong presence in areas such as supply chain management and security and identity management.
Blockchain-as-a-Service
Supply chain management
Database management
Intellectual property management
Security and identity management
Internet of things
Content delivery solutions
The Disruptors
Over the past decade, the enterprise blockchain space has seen a surge in startup activity, with nearly all of them emerging during this period. Approximately 70% of these companies are currently in the go-to-market or minimum viable product stage of development. As of July 2024, Fireblocks—a company that enables enterprises to manage digital assets securely—stood out as the highest-funded disruptor in this domain, having successfully raised USD 1 billion in funding. This has also positioned the Security and Identity Management segment as the highest-funded within the industry, accounting for nearly half of the overall funding.
Consensys, a multi-solution provider for the Web3 ecosystem, was the second highest- funded, with USD 727 million raked in as of July 2024. Its key enterprise offering includes Quorum, an open- source blockchain network it acquired from J.P. Morgan.
Funding History
Competitive Analysis
Incumbents
Cloud services giants like Amazon and Oracle, along with other well-established IT and consulting firms, are playing a significant role as active incumbents in the enterprise blockchain space. Their engagement primarily focuses on the blockchain-as-a-service segment, where a majority of these incumbents have in-house initiatives and are entering partnerships with various companies to collaboratively develop solutions based on their own blockchain offerings. IBM is a notable player in the supply chain management space, with its internally developed blockchain-based solutions being used by companies such as The Home Depot and Renault.
M&A activity is relatively quiet in this industry, with Mastercard’s acquisition of Cypherlance (a blockchain intelligence firm for banks and regulators) in September 2021 and Avast’s twin acquisition of decentralized identity startups within four months being the standouts.
Notable Investors
