HFS Horizons: Enterprise Blockchain Services, 2025

The HFS Horizons: Enterprise Blockchain Services, 2025 report is for CIOs, chief digital officers, and enterprise transformation leaders evaluating service providers to scale production-grade enterprise blockchain.

Overview

The HFS Horizons: Enterprise Blockchain Services, 2025 report evaluates how well 14 service providers help enterprise clients realize value across three Horizons, concluding that enterprise blockchain has moved quietly from hype to production-grade infrastructure spanning stablecoins, tokenization, and supply chain transparency. The assessment applies HFS Research’s OneOffice model, an HFS-coined framework describing end-to-end alignment across the front, middle, and back offices to deliver a unified stakeholder experience. It draws on HFS Pulse demand-side survey data, vendor briefings, and client reference checks.

Key findings

1. Only 8% of 305 Global 2000 executives surveyed ranked enterprise blockchain among their top three technology investments for the next two years, far behind AI machine learning at 42%, GenAI at 38%, and autonomous and agentic AI at 38%.
2. Among the 23 executives who named enterprise blockchain a top-three investment, 83% expect to maintain or increase spending in 2025, with 26% planning a slight increase and 22% a moderate increase, and none anticipating a significant decrease.
3. Tether (USDT) commands 59% and USD Coin (USDC) 25% of the roughly $300 billion stablecoin market capitalization as of October 2025.
4. HFS positioned Accenture, Capgemini, EY, and Infosys as Horizon 3 Market Leaders, eight providers including Cognizant, Deloitte, TCS, and Wipro as Horizon 2 Enterprise Innovators, and NTT DATA and UST as Horizon 1 Disruptors.
5. For Ford, Tech Mahindra built a permissioned blockchain network for supply chain asset tracking that delivered a 30% improvement in operational efficiency and a 40% reduction in invoice and purchase order price mismatches.

HFS finds that leading service providers have shifted from bespoke blockchain experiments to orchestrating production-ready ecosystems, combining regulatory expertise, repeatable platforms, and cross-technology integration. HFS assesses that the winners are architecting the digital infrastructure behind tokenization and programmable payments rather than simply building standalone blockchain solutions.

The Bottom Line

Enterprise blockchain is not dead but maturing into quiet, production-grade infrastructure. Winners will be those that can orchestrate regulated, repeatable, cross-technology ecosystems that turn tokenization and programmable payments into measurable business outcomes.

Research methodology

The report draws on HFS Pulse demand-side surveys of 305 Global 2000 executives, detailed briefings with enterprise blockchain leadership at all 14 participating providers, and reference checks with active clients and partners, conducted globally in 2025.

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