Blockchain innovation is driving a transformative wave in the technology industry, as companies leverage recent patents to fuel strategic investments and deals. This surge reflects a commitment to enhancing security, efficiency, and transparency in transactions, positioning firms at the forefront of industry progress. Propelled by these developments, the industry is witnessing significant advancements in various sectors, heralding a new era of blockchain adoption and integration. The impact of blockchain extends beyond the technology sector, influencing various industries. GlobalData’s blockchain market report provides comprehensive analysis of the 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
Leading technology companies like Tencent Holdings Ltd, Nippon Telegraph and Telephone Corp, Rockwell Automation Inc, and The Everest Project LLC are innovating in the field of blockchain with their latest patents. These patents cover a range of applications, from image processing and industrial blockchain digital twin management to content use systems and user-controlled currency conversion. By leveraging these technologies, these companies are poised to revolutionize various industries by enhancing security, efficiency, and transparency in transactions. For instance, the patents enable faster creation of non-fungible tokens, secure currency conversions, and management of digital twins in industrial automation systems. Acquirers of these patents stand to benefit from improved processes, increased security, and streamlined operations in the rapidly evolving blockchain landscape.
The industry experienced a 34% decline in the number of blockchain-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of blockchain-related patent applications in the technology industry witnessed a drop of 2% compared with Q1 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 Q1 2024, the number of blockchain-related deals in the technology industry declined by 14% compared with Q1 2023. On a quarterly basis, there was 44% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the technology industry experienced a 42% growth compared with the previous quarter. On an annual basis, job postings also declined by 0.75%. Notably, computer and mathematical occupations, with a share of 25%, emerged as the top blockchain-related job roles within the technology industry in Q1 2024, with new job postings drop by 2% quarter-on-quarter. Management occupations came in second with a share of 16% in Q1 2024, with new job postings rising by 42% over the previous quarter. The other prominent blockchain roles include business and financial operations occupations with a 5% share in Q1 2024, and arts, design, entertainment, sports, and media occupations with a 4% share of new job postings.
Circle Internet Financial, Foris DAX MT, Accenture, GFT Technologies, and Telefonica 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, Canada and South Korea also maintain significant positions in blockchain adoption within the technology industry.
In conclusion, despite fluctuations in patent applications and deal trends, blockchain remains a focal point for technology companies, driving innovation and growth. This is evidenced by the substantial impact on hiring, particularly in roles directly related to blockchain technology, signaling a promising future for the industry.
To further understand GlobalData's analysis on blockchain in the technology industry, buy the report here.
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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.
