OKX: Blockchain Tech to Reshape Global Industries by 2050

Blockchain applications will transform finance, technology, consumer goods and entertainment over the next 25 years, according to research published by crypto exchange OKX and Blockworks Research.

The report examines how distributed ledger technology – a system that records transactions across multiple computers to prevent tampering - will disrupt established business models across four sectors. 

The research draws on interviews with executives from Visa, Standard Chartered, Polygon, Google, Aptos, Manchester City Football Club, McLaren Racing and Franklin Templeton.

Total assets under management of tokenised real-world assets could reach US$600bn by 2030, the report estimates. 

Tokenisation involves converting physical or traditional financial assets into digital tokens that can be traded on blockchain networks. The researchers project that 10% of global GDP could be tokenised and stored on blockchain by 2027.

The study identifies key blockchain applications driving change: cryptocurrencies and stablecoins - digital currencies pegged to traditional assets like the dollar to maintain price stability - along with real-world asset tokenisation, decentralised applications (dApps), and self-custody payment systems.

“At OKX, we envision a future where virtually every industry will be reshaped by onchain technology,” says Haider Rafique, the exchange's Managing Partner and Chief Marketing Officer. 

“Our report offers a glimpse into the transformative potential of blockchain, which we believe will fundamentally redefine business models and establish new economic paradigms.”

Financial services lead institutional adoption

Institutional investors continue allocating capital to digital assets and related products, with financial services firms developing capabilities to support tokenised asset issuance and servicing. 

More than two-thirds of financial services interview respondents report they are building these capabilities.

Major payment firms are positioned to alter the global payments infrastructure. Visa has been testing stablecoin settlement capabilities and exploring partnerships with crypto platforms.

Crypto-native firms have addressed legacy issues around self-custody, where users control their own private keys rather than relying on third parties, making it simpler for retail and commercial users to access Web3 services through personal digital wallets. 

Financial services companies are expected to create decentralised applications on top of these solutions.

The convergence of artificial intelligence and blockchain technology will enable more effective coding and troubleshooting, while crypto creates incentives for AI training and deployment, the research suggests.

Rich Widmann, Google Cloud's Head of Web3 Strategy, describes blockchain as “a pressure chamber of innovation”. 

He envisions “a world where digital intelligence can seamlessly transact in digital forms, enhancing everyday tasks and interactions without the need for traditional devices”.

Technology sector embraces infrastructure transformation

Blockchain has altered how software, networks and data systems are constructed and deployed. Privacy and blockchain applications are developing in tandem, enabling users to transact pseudonymously while maintaining control over personal data.

The convergence of artificial intelligence and blockchain technology will enable more effective coding and troubleshooting, whilst crypto creates incentives for AI training and deployment. 

This intersection of blockchain, cloud computing and AI represents a potential multi-trillion-dollar opportunity, according to the researchers.

Consumer and luxury brands are integrating blockchain to improve supply chain transparency and production processes. 

Walmart and LVMH are among companies implementing distributed ledger solutions. These brands experiment with digital product passports, luxury-brand non-fungible tokens (NFTs), smart contracts for business practices, and blockchain-based product lifecycle tracking.

Entertainment and sports sectors explore fan engagement

Sports organisations leverage blockchain technology to enhance fan engagement through digital collectibles, team-specific tokens and experiences. These applications are expanding into metaverse environments and sports betting platforms.

The technology enables creators to retain larger revenue shares compared with traditional models, where film, television and music creators share revenue with hosting platforms. Blockchain-based distribution could provide creators with greater control over their content and earnings.

Gaming represents another growth area, with blockchain providing financial incentives to players through interoperability and play-to-earn models. These approaches create sustainable funding mechanisms for gamers whilst enabling cross-platform asset portability.

Jason Yanowitz, Co-founder of Blockworks, describes the research collaboration as “a unique opportunity for us to explore the far-reaching implications of blockchain technology”. 

He adds: "We're excited to share how this technology is poised to redefine our global economy as we observe blockchain revolutionising business practices, trading paradigms and value creation worldwide."

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