Blockchain technology is rapidly advancing within the tech industry, driving innovations in areas like corporate governance, customer engagement, and new revenue models such as NFTs. Despite a recent decline in patent applications, strategic deals and job growth continue to rise, indicating the industry’s strong commitment to blockchain adoption. The US leads in blockchain activity, with significant contributions from countries like Singapore, the UK, China, and Canada. The impact of blockchain extends beyond the technology sector, influencing various industries. GlobalData’s blockchain market report provides comprehensive analysis of the blockchain market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the technology industry regarding blockchain. It provides an overview of recent developments in blockchain-related deals, talent acquisition, and patent filings within the technology industry.
Diverse applications of blockchain in technology industry
Technology companies are increasingly leveraging innovative blockchain technologies to enhance their operations and create new applications. Recent patents highlight advancements such as systems for transacting non-commodifiable work products, which can streamline record-keeping and certification processes. Additionally, methods for acquiring personalized user information can improve customer engagement through tailored services. Notably, the use of immutable blockchain for corporate governance information enhances audit accuracy and compliance, reducing costs. Furthermore, converting recipes into NFTs offers unique opportunities for food providers to monetize culinary creations. These innovations position companies to improve efficiency, enhance user experiences, and explore new revenue streams in the evolving blockchain landscape.
The industry experienced a 34% decline in the number of blockchain-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of blockchain-related patent applications in the technology industry witnessed a rise of 14% compared with Q2 2023.
Strategic deal trends in blockchain in technology industry
Technology companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in blockchain. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of blockchain in the technology industry.
In Q2 2024, the number of blockchain-related deals in the technology industry grew by 11% compared with Q2 2023. On a quarterly basis, there was 5% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the technology industry experienced a 2% drop compared with the previous quarter. On an annual basis, job postings also grew by 36%. Notably, computer and mathematical occupations, with a share of 29%, emerged as the top blockchain-related job roles within the technology industry in Q2 2024, with new job postings drop by 18% quarter-on-quarter. Management occupations came in second with a share of 18% in Q2 2024, with new job postings dropping by 14% over the previous quarter. The other prominent blockchain roles include architecture and engineering occupations with a 7% share in Q2 2024, and business and financial operations occupations with a 7% share of new job postings.
Circle Internet Financial, Telefonica, Foris DAX MT, GFT Technologies, and Gemini Trust Company are among the top companies leading in blockchain hiring within the technology industry.
Countries driving adoption of blockchain in technology industry
The US is the leading country in blockchain adoption within the technology industry, boasting the highest number of blockchain-related patents, jobs, and deals. Meanwhile, Singapore, the UK, China and Canada also maintain significant positions in blockchain adoption within the technology industry.
In conclusion, blockchain technology continues to be a key focus for innovation and strategic investments in the tech industry, despite fluctuations in patent activity. Its growing adoption signals a transformative impact on operations, governance, and new business models.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
