Practical Transition of Blockchain Companies: The Driving Force of Innovation Beyond Cryptocurrency in 2025
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Practical Transition of Blockchain and Acceleration of Corporate Adoption
As of November 2025, blockchain technology is proving its value as a genuine corporate solution after the speculative cryptocurrency frenzy has subsided. The global blockchain market size is expected to grow by 26%, from $67.2 billion in 2024 to approximately $85 billion in 2025. The key driver of this growth is no longer cryptocurrency but practical business applications. According to Gartner’s latest report, 68% of corporate blockchain projects in 2025 focus on practical purposes such as supply chain transparency, digital identity management, and smart contract automation, a significant increase from 41% in 2022.
Korean companies are actively participating in this global trend. Samsung SDS, headquartered in Seoul, announced that revenue from its blockchain-based supply chain management solution ‘Nexledger’ increased by 45% in the first half of 2025 compared to the previous year, with 127 global manufacturers adopting the platform. SK Telecom, also based in Seoul, has secured 12 million cumulative users for its blockchain-based digital identity verification service ‘PASS’ by October 2025, processing 3.4 billion annual authentication transactions. This demonstrates a 47% improvement in security and a 23% increase in processing speed compared to traditional centralized authentication systems.
In the U.S. market, Coinbase, headquartered in California, is expanding its business model from a simple cryptocurrency exchange to a provider of enterprise blockchain infrastructure. The company’s enterprise services division, ‘Coinbase Prime’ and ‘Coinbase Cloud,’ accounted for 34% of total revenue in the third quarter of 2025, growing 89% year-over-year. Custody services and blockchain infrastructure offerings for financial institutions and large enterprises are major growth drivers. MicroStrategy, based in Virginia, supports corporate clients’ use of blockchain data through its Bitcoin holding strategy and blockchain analytics and business intelligence solutions, with revenue in this segment increasing by 52% year-over-year in 2025.
The main motivations for companies adopting blockchain technology are improving transparency and efficiency. According to Deloitte’s 2025 Global Blockchain Survey, 73% of respondent companies reported an average 31% improvement in process efficiency through blockchain adoption, and 67% noted significant improvements in data integrity and security. In the supply chain management sector, counterfeit identification rates improved by 87%, and product tracking times were reduced by 76% compared to previous methods, showcasing tangible results.
Institutional Entry of Decentralized Finance (DeFi) and Changes in Regulatory Environment
The most notable area in the 2025 blockchain ecosystem is the institutional entry of decentralized finance (DeFi). As of November 2025, the total value locked (TVL) in the global DeFi market reached $124 billion, a 34% increase from the end of 2024. More importantly, traditional financial institutions are actively pursuing integration with DeFi protocols. JPMorgan Chase, headquartered in New York, has exceeded $35 billion in monthly average transaction volume for inter-company payments through its proprietary blockchain network ‘JPM Coin,’ a 67% increase year-over-year.
Korean financial institutions are also accelerating the expansion of blockchain-based services. Shinhan Bank surpassed 1,200 monthly letters of credit issued through its blockchain-based trade finance platform by August 2025, reducing processing time by 68% compared to previous methods. KB Kookmin Bank supports institutional investors’ cryptocurrency asset custody through its digital asset custody service, with assets under management exceeding 450 billion KRW in 2025. These changes align with the Korean financial authorities’ efforts to refine the digital asset regulatory framework.
Clarification of the regulatory environment is becoming a crucial turning point for the growth of blockchain companies. In the U.S., the SEC’s digital asset classification guidelines released in the first half of 2025 are providing market stability. Consequently, Ripple Labs, headquartered in San Francisco, is accelerating the expansion of its international remittance services between banks as the legal status of XRP becomes clearer, with the number of partner financial institutions reaching 340, a 78% increase year-over-year. Following the implementation of the EU’s MiCA (Markets in Crypto-Assets) regulations, investment in blockchain startups is thriving, with European blockchain companies raising a total of $8.9 billion from January to October 2025, a 43% increase year-over-year.
The development of central bank digital currencies (CBDCs) is also becoming a significant catalyst for the growth of the blockchain ecosystem. As of November 2025, China’s digital yuan has surpassed 7 trillion yuan (approximately $97 billion) in cumulative transaction volume, with an average of 3 million transactions per day. The Bank of Korea has begun limited commercialization tests for its digital won pilot program in the second half of 2025, with six participating banks and 12 fintech companies verifying various use scenarios. This movement towards CBDC adoption is significantly increasing the demand for blockchain infrastructure development.
The profitability of DeFi protocols is also improving significantly. Uniswap Labs, headquartered in New York, recorded protocol fee revenue of $570 million in the third quarter of 2025, a 156% increase year-over-year. Aave, based in London, has surpassed $18 billion in total loan balances, maintaining an average loan interest rate spread of 2.3%. This is competitive compared to similar services from traditional financial institutions, and when combined with the unique advantages of DeFi, such as 24/7 service and global accessibility, it shows substantial market potential.
However, the DeFi ecosystem also faces significant challenges. The cumulative losses from smart contract hacking incidents amounted to $2.3 billion from January to October 2025, a 12% decrease year-over-year but still a considerable amount. Additionally, regulatory uncertainty and technical complexity present high entry barriers for general users. To address these issues, major DeFi projects are increasing investments in integrating insurance protocols, improving user interfaces, and expanding educational programs.
As blockchain technology matures, investors’ interest is shifting from mere token price increases to tangible business outcomes. Venture capital firms are focusing their 2025 blockchain investments on companies with clear revenue models, with particular interest in B2B solutions and infrastructure companies. Andreessen Horowitz (a16z), headquartered in California, has expanded its blockchain-dedicated fund to $4.5 billion in 2025, planning to invest 70% of it in enterprise solutions and infrastructure companies. This shift in investment patterns indicates that the blockchain industry is evolving from a speculative nature to building sustainable business models.
This content is for informational purposes only and is not an investment solicitation or advice. All investment decisions should be made based on individual judgment and responsibility, and thorough research and consultation with experts are recommended when investing in the mentioned companies or technologies.
