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. While enterprises may not be the most popular on this side of the blockchain, at the other end, blockchain is opening up new use cases for businesses.

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 77 of the top 100 public companies globally using  blockchain technology in some form in 2022, 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. A series of recent market dips and high-profile scandals have not exactly helped enterprise confidence in the tech. 

In this Insight, we explore the enterprise blockchain industry in terms of use cases, consortiums, player landscape, funding trends, and driving factors.