The conversation around enterprise blockchain has quietly shifted gears. Gone are the days of speculative promises and inflated headlines. Today, Fortune 500 giants are actually weaving distributed ledger technologies into their operations. But here’s the catch: there’s still a yawning gap between the PR buzz and what’s really happening on the ground.
Which leads to the billion-dollar question:
How many customers are actually using these blockchain-based smart contracts – and at what scale?
Behind the curtain of enterprise Smart Contracts
Some of the world’s biggest companies are now live with blockchain systems. But look beneath the surface, and the story is more complex. The headlines sound great – but adoption rates, user engagement, and business impact? Those metrics tell a far more nuanced tale.
Microsoft and Goldman Sachs: Building the plumbing, not the apps
Microsoft and Goldman Sachs are two heavyweights betting big on blockchain infrastructure via the Canton Network. By early 2023, Canton was already managing a huge $50 billion in daily transactions through smart contracts (per Investopedia). So far, so impressive.
But while Microsoft calls blockchain a “key component” of its enterprise offerings, much of the blockchain technology hums quietly in the background. The named technology stack, Azure Blockchain Service, was actually shuttered in 2021. Now Microsoft’s blockchain functionality is embedded in its broader cloud ecosystem.
In its 2022 Canton announcement, Microsoft pledged to deliver “interoperable blockchain solutions” to reduce payment friction, which is an admirable goal. Yet so far the actual number of enterprise clients who actively interact with these solutions – beyond back-office finance teams – remains a mystery.
Translation. The foundations are laid and continue. But the apps that get people using the base layer plumbing are still catching up.
Walmart: Where enterprise blockchain hits the supply chain
Walmart offers perhaps the clearest real-world proof of blockchain’s potential – and its limits.
Through its Food Trust project with IBM, Walmart changed how it handles food safety. Traceability that used to take 7 days now happens in just 2.2 seconds, according to the company’s tech blog. Over 25 product types are now tracked on blockchain in parts of its supply chain.
Meanwhile, in Canada, Walmart’s freight management system – built with DLT Labs – automates invoicing and payments for 70 third-party freight carriers. Fewer disputes, faster payments, and real savings for the grocery giant, and its logistics partners.
But here’s what we don’t know: How much of Walmart’s global supply chain actually runs on blockchain today? Without that clarity, it’s tough to assess just how transformative this really is – or isn’t.
GSK: Blockchain battles counterfeit pharma
Pharmaceutical giant GlaxoSmithKline (GSK) has been testing blockchain to fight the serious problem of counterfeit drugs; a black market worth over $200 billion annually. Working with platforms like Viant, GSK is piloting smart contracts to verify drug authenticity and improve supply chain transparency.
But progress remains cautious. Strict regulations and complex manufacturing processes mean these projects are still mostly in the pilot phase – not yet scaled across the business.
Adoption gap: Vision vs. reality
There’s no shortage of enthusiasm for blockchain in the technology industry. Gartner calls smart contracts a “transformative” force, and Deloitte’s 2024 Global Blockchain Survey found 83% of executives see compelling use cases. But only 31% have moved beyond pilots. That’s a huge gap between potential and practice.
Why the holdup? The tools are there, but true customer engagement is still rare. Most blockchain implementations today operate behind the scenes – optimising processes, not giving users what they really want.
The missing link: Real customer engagement
One thing you won’t hear in all those corporate blockchain press releases? How many customers are actually touching these solutions?
The silence speaks volumes. At the moment, blockchain in the enterprise mostly improves internal workflows – payment systems, supply chain logistics, and compliance. Direct, customer-facing applications are still few and far between.
This means the door is wide open for entrepreneurs who can connect the dots between infrastructure and experience.
What’s next: 2025 and beyond
Looking ahead, four key trends are shaping the next wave of enterprise blockchain:
- Interoperability: Breaking down blockchain silos via projects like the Canton Network and Hyperledger.
- Regulatory clarity: Governments are stepping up with firmer guidelines, helping companies navigate compliance headaches.
- Technical abstraction: Blockchain is becoming easier to use – meaning fewer devs, more product teams can build with it.
- ESG integration: Demand is rising for transparent supply chains and verified carbon credits – both sweet spots for blockchain.
The opportunity hiding in plain sight
The big take-away is that Enterprise blockchain is no longer a question of if – it’s a question of how fast it can break out of the back office and start shaping customer experiences.
For builders, founders, and innovators, the biggest wins will come from bridging the gap between technical possibility and real-world utility. 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, it’s about what you build on top of it.
(Photo by Unsplash/Shubham Dhage)
See also: Walmart launches another blockchain scheme for food safety in China
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