The blockchain industry is poised to experience significant growth, with revenues expected to surge from $12 billion in 2023 to $291 billion by 2030, primarily driven by developments in asset tokenisation, according to a recent report by GlobalData.

This notable expansion is attributed to a shift towards more focused investments in areas such as blockchain development and infrastructure services.

GlobalData’s report, “Thematic Research: Blockchain,” identifies a strategic move away from broad, indiscriminate use of the technology towards its application in specific, strategic contexts. This evolution is marked by a wider acceptance of blockchain’s role in digital infrastructure.

Nicklas Nilsson, a Thematic Intelligence Consultant at GlobalData, highlighted the initial wave of excitement that accompanied blockchain’s entry into the corporate sphere, which was soon tempered by the reality of its practical application. The early focus on novelty over strategic value led to misaligned expectations, underscoring the importance of identifying suitable use cases and industries for blockchain’s application.

Despite a dampening of initial enthusiasm, advancements in the blockchain sector persist, with notable developments such as the rise in competition among smart contract blockchains, the rebranding to Web3, the introduction of soulbound tokens, and the popularisation of cryptocurrencies.

A key finding from the report is the growing importance of asset tokenisation. This process involves converting physical or digital assets into digital tokens that can be divided and traded. This approach offers a novel way of asset ownership, allowing for fractional purchases of assets, which could adjust the handling of illiquid assets like real estate, precious metals, and fine art.

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Nilsson pointed out that asset tokenisation represents blockchain’s second major application after cryptocurrencies, drawing significant interest from major financial institutions over the past two years. This interest is not merely trend-driven but recognises the potential of tokenisation to lower entry barriers, enhance liquidity, and facilitate faster settlements, with an impact on wealth distribution and economic operations.