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April 29, 2025
The discussion surrounding blockchain technology in businesses has noticeably changed. The days of speculative promises and exaggerated headlines are over. Today, Fortune 500 companies are actually integrating distributed ledger technologies (DLT) into their operations. The catch: there's still a large gap between the PR hype and what's actually happening on the ground.
This leads to the billion-dollar question: How many customers are actually using these blockchain-based smart contracts – and to what extent?
Some of the world's largest companies are already working with blockchain systems. But behind the facade, the story is more complex. Microsoft and Goldman Sachs are investing heavily in blockchain infrastructure via the Canton Network. At the beginning of 2023, Canton was already managing $50 billion in transactions daily via smart contracts. Impressive, but while Microsoft calls blockchain a "key component" of its enterprise offerings, much of the blockchain technology runs in the background. Microsoft's blockchain functionality is embedded in its broader cloud ecosystem. The actual number of enterprise customers actively interacting with these solutions – beyond back-office finance teams – remains unclear. The foundation is laid. But the applications that will drive users to use the base layer are still lagging.
Walmart offers perhaps the clearest evidence of blockchain's potential – and its limitations. Through the Food Trust project with IBM, Walmart has transformed how it handles food safety. Traceability that used to take 7 days now takes just 2.2 seconds. Over 25 product types are tracked via blockchain in parts of the supply chain. In Canada, Walmart's freight management system – developed with DLT Labs – automates invoicing and payments for 70 external freight companies. Fewer disputes, faster payments, and real savings for the grocery giant and its logistics partners. However, it's unclear how much of Walmart's global supply chain is actually based on blockchain. Without this clarity, it's difficult to assess how transformative this truly is.
Pharmaceutical giant GlaxoSmithKline (GSK) is testing blockchain to combat the serious problem of counterfeit drugs; a black market with annual sales exceeding $200 billion. In collaboration with platforms like Viant, GSK is piloting smart contracts to verify the authenticity of medicines and improve supply chain transparency. Progress, however, remains cautious. Strict regulations and complex manufacturing processes mean these projects are still largely in the pilot phase – and haven't yet been scaled across the enterprise.
There's no shortage of enthusiasm for blockchain in the tech industry. Gartner calls smart contracts a "transformative" force, and Deloitte's Global Blockchain Survey 2024 found that 83% of executives see compelling use cases. But only 31% have moved beyond the pilot phase. The tools are there, but real customer engagement is still rare. Most blockchain implementations today optimize internal workflows – payment systems, supply chain logistics, and compliance. Direct, customer-facing applications are still scarce.
What you don't hear in all the corporate press releases about blockchain? How many customers are actually interacting with these solutions. The silence speaks volumes. At the moment, blockchain in the enterprise primarily improves internal workflows. This means the door is wide open for entrepreneurs who can connect the dots between infrastructure and experience.
Looking ahead, four key trends are shaping the next wave of enterprise blockchain:
The key takeaway is that enterprise blockchain is no longer about the "if," but about how quickly it can break out of the back office and shape customer experiences. For developers, founders, and innovators, the biggest wins will come from bridging the gap between technical capabilities and practical benefits. The infrastructure is being laid – but the apps that will unlock its full potential? Those are still up for grabs. The future isn't about blockchain itself, but about what you build on top of it.
Bibliography:
https://blockchaintechnology-news.com/news/enterprise-blockchain-the-hype-is-over-now-comes-the-real-work/
https://www.surrey.ac.uk/news/new-study-reveals-why-organisations-are-reluctant-adopt-blockchain
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https://douglevin.substack.com/p/the-state-of-blockchain-adoption
https://www.codezeros.com/the-economics-of-enterprise-blockchain-adoption-in-2025
https://www.sciencedirect.com/science/article/abs/pii/S0952197622006893
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https://www.researchgate.net/publication/390037861_Challenges_and_Opportunities_of_Blockchain_Adoption_in_US_E-Commerce_Enterprises
https://www.omfif.org/2024/09/blockchain-adoption-is-gathering-steam/
