With the growing popularity of cryptocurrency, it’s underlying technology – blockchain is witnessing huge adoption in the enterprise sector. Based on survey findings by Juniper Research group, nearly two-thirds or 65% of responding enterprise companies are actively engaged in the blockchain deployment which marked at 54% for the previous year.
The blockchain adoption is at its peak and survey findings clearly indicate that this piece of technology has risen above from the research area to actual production level usage. As per Blockchain Enterprise Survey: Deployments, Benefits & Attitudes (Second Edition), enterprise sector is not restricted just towards proof of concept but instead rolled out to commercial products in a range of verticals.
Among all, the key verticals highlighted in research findings are financial services, land registry, food provenance, automotive and healthcare, together with forecasts on the savings achievable through blockchain deployments.
Ethereum being the major player in the blockchain sector has turned out to be widely chosen platform for enterprise-level projects. Companies have started to leverage the token model used in ethereum and hence the creation of dApps become an enabling factor to build apps on its existing chain.
As quoted by research co-author James Moar,
“The findings illustrate the need for companies to engage in a prolonged period of parallel running new systems alongside the old, to iron out any issues that might arise.“
This clearly indicates enterprise are keen on adopting blockchain technology whether it is an internal system or a product developed for their clients.
Interestingly, the findings also revealed that all responding companies which had already invested over $100,000 in blockchain indicated they would be spending at least this amount again on the technology over the next 12 months. This certainly is positive feedback and can expect to see next level integration in their projects.
Also, it’s noteworthy to mention that IBM ranked the first position for major blockchain deployments with 65% respondents and Microsoft at 7% adoption.
What do you think of huge adoption of Blockchain by enterprise sector? Let us know your thoughts in the comments below.
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