Despite 2022 being a turbulent year for the crypto and blockchain space, users and enterprises are looking forward to the industry.
Per a recent survey from CasperLabs, a blockchain-based firm, and Zogby Analytics, a market research agency, the sentiments around blockchain adoption are positive, especially among enterprises. The poll was conducted by over 600 business enterprise “decision makers” in the United States, the United Kingdom, and China.
The extended figures reveal that nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, whereas 87% opined that they plan to invest in the coming year. Surprisingly, these results are particularly pronounced in China, where over half of the respondents plan to invest in blockchain this year.
Ralf Kubli, a board member of the Casper Association, said that despite the recent turbulence, companies are enthusiastic about turning to blockchain for solutions. He said:
“It’s hugely encouraging to see businesses understanding that blockchain is not a competitor but a solution.”
The report also classified that businesses already utilizing the technology benefit from two main capabilities: security (42%) and copy protection (42%). In addition, those in IT-based operations are mostly using blockchain for activities like internal workflows (40%), supply chain efficiency (34%), and software development (30%), among others.
Kubli commented that 2023 will be a consequential year for adopting blockchain technology, “especially in providing real solutions for real-world problems and creating long-term value.”
While most of the survey results favored blockchain technology, there was a particular category where enterprise leaders fell short. Despite the majority feeling confident in their knowledge of blockchain technology (73%), around 54% of the participants still understand the terms “blockchain” and “crypto” as interchangeable.
Further, the report also listed several hurdles to the adoption of blockchain, like limited developer knowledge, lack of tools, interoperability, and cynicism toward the industry. Nonetheless, nearly all participants said they would be more likely to adopt with more understanding and insight into how peers utilize blockchain.
As per the report, education along with accessibility has been a long-standing challenge and barrier for those outside the space wishing to interact with the technology and communicate with clients.
Several organizations have kickstarted their blockchain journey in 2022, and not only companies but several nations also did that. For example- In July, Colombia adopted blockchain technology for its government systems, and similarly, in October, Türkiye looked forward to blockchain for increasing employment opportunities, as reported by Todayq News.
In the context of companies, numerous giants from diverse backgrounds adopted blockchain technology, like BMW from the automobile sector, J.P Morgan from the financing sector, and various others.