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 in the field of blockchain are leveraging new technologies and applications to innovate and improve their businesses. Wells Fargo & Co has patented a system for foreign currency exchange and transfer, which includes a graphical user interface (GUI) for customer requests and locked-in exchange rates. Hygge Energy Inc has developed an energy trading system that generates investment tokens, consumer tokens, and power tokens, providing stability and reducing operational risk. Oracle Corp has patented a method for securing access to confidential data using a blockchain ledger, allowing for updates to access permissions and consensus from a blockchain community. State Farm Mutual Automobile Insurance Co has created a computer system for verifying vehicle software configuration, including authentication and failsafe code segments. VMware Inc has developed a method for traffic redundancy deduplication during blockchain recovery, ensuring the integrity of data blocks. These patents will benefit the acquirers by providing them with unique and innovative technologies and applications in the field of blockchain.
The industry experienced a 16% decline in the number of blockchain-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of blockchain-related patent applications in the technology industry witnessed a rise of 96% compared with Q2 2022.
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 2023, the number of blockchain-related deals in the technology industry declined by 36% compared with Q2 2022. On a quarterly basis, there was 21% drop in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the technology industry experienced a 34% drop compared with the previous quarter. On an annual basis, job postings also declined by 53%. Notably, computer and mathematical occupations, with a share of 35%, emerged as the top blockchain-related job roles within the technology industry in Q2 2023, with new job postings drop by 31% quarter-on-quarter. Management occupations came in second with a share of 20% in Q2 2023, with new job postings dropping by 30% over the previous quarter. The other prominent blockchain roles include business and financial operations occupations with a 6% share in Q2 2023, and sales and related occupations with a 2% share of new job postings.
Circle Internet Financial, Block, Foris DAX MT, GFT Technologies, and International Business Machines 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, Canada, the UK, Japan and South Korea also maintain significant positions in blockchain adoption within the technology industry.
In conclusion, the technology industry has experienced notable trends in blockchain, including a substantial rise in patent applications over the past year. However, there has been a recent dip in strategic blockchain deals and hiring activities, signaling a dynamic and evolving landscape within the technology industry.
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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.
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