OKX and Blockworks Research release "The Future of Blockchain Applications: Reshaping Global Industries" report
The report finds that the ongoing development of defined blockchain use cases — cryptocurrencies and stablecoins; real-world asset tokenization; decentralized apps (dApps); wallets and payments — will act as a key disruptor across these vital business sectors. Research indicates that total assets under management of tokenized real-world assets could reach $600 billion by 2030, with 10% of global GDP potentially tokenized and stored on the blockchain by 2027.
The report also finds that Artificial Intelligence (AI) and crypto will converge, enabling more effective coding and troubleshooting, with crypto creating strong incentives for AI training and deployments.
According to report interviewee and Google Cloud Head of Web3 Strategy Rich Widmann, 'Blockchain is a pressure chamber of innovation…[In 20 years we see a] world where digital intelligence can seamlessly transact in digital forms, enhancing everyday tasks and interactions without the need for traditional devices. This reflects a broader ambition to integrate AI with blockchain for more efficient commerce and agreement codification.'
The research findings are based on interviews with industry experts, analysis from OKX and Blockworks Research, desktop research and existing industry surveys and studies. Interview respondents represent leading companies, including: Visa, Standard Chartered, Polygon, Amazon Web Services, Google, Aptos, Manchester City Football Club, McLaren, Franklin Templeton, and others.
Kate Cooper (pictured), CEO of OKX Australia, said, 'The OKX-Blockworks Research report highlights how blockchain and tokenisation are transforming industries worldwide, with 10% of global GDP projected to be tokenised by 2027, according to the World Economic Forum.
'Australia is strategically positioned to lead this shift in APAC, thanks to strong retail and institutional interest, including a 719% five-year surge in Self-Managed Super Fund (SMSF) crypto allocations through September 2024.
'With our robust tech infrastructure and a growing role in the APAC digital asset ecosystem, Australia has an opportunity to play a pivotal role in shaping the future of blockchain – particularly if regulatory frameworks continue to evolve to support innovation and investment.'
OKX Managing Partner and CMO Haider Rafique, added, 'At OKX, we envision a future where virtually every industry will be reshaped by onchain technology. Our report offers a glimpse into the transformative potential of blockchain, which we believe will fundamentally redefine business models and establish new economic paradigms. We're excited to witness and influence how blockchain technology will revolutionize the way we live, work and conduct business on a global scale.'
Blockworks Co-Founder Jason Yanowitz said, 'Working with OKX on this report has been a unique opportunity for us to explore the far-reaching implications of blockchain technology, and we're excited to share how this technology is poised to redefine our global economy. It's an honor to partner with OKX in bringing these insights to light, especially as we observe blockchain revolutionizing business practices, trading paradigms and value creation worldwide.'
Key insights by sector
Finance – Blockchain applications are reshaping value creation and financial products
Institutional investors will continue to allocate capital to digital assets and related products. Further development of trading products and custody services will make it easier for investors to allocate and increase exposure in the years ahead.
Stablecoins are primed to alter the global payments landscape. Major firms like Visa are investing money and resources, and today's top stablecoins continue to grow in market capitalization and use.
Crypto exchanges will rewire how assets trade in the world – this shift is already underway and has spurred market incumbents to explore innovations such as 24/7 trading hours.
Major financial services firms are moving toward a tokenized future. More than two-thirds of financial services interview respondents said they are developing capabilities to support the issuance and servicing of tokenized assets
Technology – Infrastructure is transforming onchain
Blockchain has changed how software, networks, and data systems are constructed and used.
The future of AI will be influenced by blockchain. Startups and developers are exploring how blockchain can decentralize the development of artificial intelligence systems.
Privacy and blockchain will improve symbiotically online, enabling users to transact pseudonymously while maintaining control of their personal data.
The convergence of blockchain, cloud computing, and AI is underway and could grow into a multi-trillion-dollar opportunity.
Brand and consumer goods – Blockchain is enhancing the brand experience
Major consumer and luxury brands are poised to tap blockchain's potential. Big box retail operators like Walmart and luxury brands such as LVMH are integrating blockchain to revolutionize supply chain transparency and production processes.
Consumer and luxury brands are experimenting with use cases that can reshape their businesses, including digital product passports, luxury-brand NFTs, smart contracts for business practices, and blockchain-based product lifecycle tracking.
Consumer and luxury goods are blending the physical and digital for an onchain future, and digital experiences will foster loyalty across different types of consumer businesses.
Sports and Entertainment – Blockchain is changing the game and fan experience
Sports organizations and teams are leveraging blockchain technology to enhance fan engagement through digital collectibles, team-specific tokens, and unique experiences. Blockchain applications are expected to expand into new areas including metaverse and sports betting.
Crypto will allow creators a greater share of — and control over — revenue. This is in stark contrast with today's state of affairs, in which creators in the film, TV, and music industries must share revenue with hosting platforms.
Blockchain will reshape the gaming landscape and provide financial incentives to players. Interoperability and the play-to-earn model can create more sustainable funding models for gamers.
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