90% of businesses adopting Blockchain technology

A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in the next year.

The crypto and blockchain space has had a turbulent past year, but that is not stopping users and enterprises from looking into the industry. A new survey from CasperLabs and Zogby Analytics revealed that the sentiment around blockchain adoption is especially positive among enterprises.

The poll was conducted via 603 business enterprise “decision makers” in the United States, the United Kingdom and China. Nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, with 87% saying they plan to invest in blockchain in the next year. This is particularly pronounced in China, where over half of the respondents plan to invest in blockchain in 2023.

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Ralf Kubli, a board member of the Casper Association, said that despite the recent turbulence, companies continue to turn to blockchain for solutions: “It’s hugely encouraging to see businesses understanding that blockchain is not a competitor but a solution.” Businesses that are already utilizing the technology are benefiting from two of its main capabilities: security (42%) and copy protection (42%). Those in IT-based operations are using blockchain for things such as internal workflows (40%), supply chain efficiency (34%) and software development (30%), among others. Kubli commented that 2023 will be a consequential year for the adoption of blockchain technology, “especially in providing real solutions for real-world problems and creating long-term value.

However, an important finding was revealing where enterprise leaders fall short. Despite the majority feeling confident in their knowledge of blockchain technology (73%), 54% of the respondents still see the terms “blockchain” and “crypto” as interchangeable. In the same vein, it was reported that the biggest hurdles to adoption are limited developer knowledge, lack of tools, interoperability and cynicism toward the industry. Nonetheless, nearly all of the respondents said they would be more likely to adopt with more understanding and insight into how peers are utilizing blockchain.

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.