Blockchain technology stands as a disruptive catalyst in the consumer industry, with its influence spanning various sectors. In this domain, recent patents from industry leaders including Mutualink Inc, Daikin Industries Ltd, and Intel Corp are driving a wave of innovation. These applications encompass secure network member identification, bolstered quality control for perishable goods, and optimized operations in microservices architectures and cryptocurrency mining. Additionally, the surge in strategic deals and evolving job trends reflects the industry’s united push towards blockchain integration, marking a profound transformation in consumer business strategies. GlobalData’s blockchain market report provides forward-looking analysis of the market including market sizing up to 2026, segmentation by application, potential growth opportunities, and competitive profiling of the blockchain market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the consumer industry regarding blockchain. It provides an overview of recent developments in blockchain-related deals, talent acquisition, and patent filings within the consumer industry.
Diverse applications of blockchain in consumer industry
Consumer companies in the realm of blockchain are harnessing innovative technologies through recent patent acquisitions. Notable examples include Mutualink Inc's consensus-based voting for network member identification, bolstering communication network security. Daikin Industries Ltd's patented information processing device employs distributed ledgers to enhance quality control for perishable goods by identifying the causes of defects. Intel Corp's patents in provenance audit trails and fine-grained bitcoin engine deactivation reinforce traceability and security in microservices architectures and optimize cryptocurrency mining performance. These patents exemplify how blockchain technology is enhancing security, quality control, and operational efficiency in the consumer industry.
Overall, these patents demonstrate how consumer companies are leveraging blockchain technologies to enhance security, traceability, quality control, and performance in their respective industries. By acquiring these patents, the companies will benefit from improved efficiency, reliability, and innovation in their blockchain-based applications.
The industry experienced a 24% growth 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 consumer industry witnessed a drop of 5% compared with Q2 2022.
Strategic deal trends in blockchain in consumer industry
Consumer 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 consumer industry.
In Q2 2023, the number of blockchain-related deals in the consumer industry grew by 40% compared with Q2 2022. On a quarterly basis, the number of deals in Q2 2023 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q2 2023, the consumer industry experienced a 23% drop compared with the previous quarter. On an annual basis, job postings also grew by 47%. Notably, Computer and mathematical occupations, with a share of 56%, emerged as the top blockchain-related job roles within the consumer industry in Q2 2023, with new job postings drop by 15% quarter-on-quarter. Management occupations came in second with a share of 13% in Q2 2023, with new job postings dropping by 26% over the previous quarter. The other prominent blockchain roles include sales and related occupations with a 4% share in Q2 2023, and business and financial operations occupations with a 4% share of new job postings.
General Mills, Burrow, LVMH Moet Hennessy Louis Vuitton, Symrise, and Technogym are among the top companies leading in blockchain hiring within the consumer industry.
Countries driving adoption of blockchain in consumer industry
The US is the leading country in blockchain adoption within the consumer industry, boasting the highest number of blockchain-related patents, jobs, and deals. Meanwhile, the UK, Japan, Canada and the UAE also maintain significant positions in blockchain adoption within the consumer industry.
In summary, the consumer industry exhibits growth in blockchain-related patent applications and strategic deals, despite an annual decline. Job postings have shown fluctuations, with key roles in computer and mathematical occupations, while companies like General Mills, Burrow and LVMH Moet Hennessy Louis Vuitton are actively hiring.
To further understand GlobalData's analysis on blockchain in the consumer industry, buy the report here.