90% of companies adopt blockchain technology

by Arthur · January 14, 2023

Despite a difficult past year for crypto and blockchain, new research from web3 platform CasperLabs has found that 87 percent of businesses say they are likely to invest in blockchain in 2023.

‘State of Enterprise Blockchain Adoption in 2023‘ asked 603 corporate “decision makers” across firms from the US, UK and China.

It found that sentiment towards blockchain remained strong in these countries despite market downturns. On top of the 87 percent likely to invest this year, nearly 90 percent of businesses said they have already started using blockchain in some capacity.

Interest was particularly pronounced in China, where more than half of respondents said they were very likely to invest in blockchain this year. This is in part because 81% of survey respondents expect technology budgets to increase in 2023 despite economic problems.

Ralf Kubli, a board member of the Casper Association, said: “It is hugely encouraging to see companies understanding that blockchain is not a competitor, but a solution.”

For businesses already using blockchain technology, security and copy protection were cited as the main benefits. In IT-based operations, respondents use blockchain for internal workflows, supply chain efficiency and software development.

“Enterprise adoption is often the main driver for bringing new technology into the mainstream, and blockchain is no different,” said Medha Parlikar, CTO and co-founder of Casper Labs. “Perhaps the most important takeaway from this report is that businesses, governments and Wall Street recognize that blockchain is not here to tear down and replace their current technology stack, but to help them operate more efficiently within their existing infrastructure.”

A revealing aspect of the report was the findings that business leaders’ knowledge of blockchain technology is still lacking. While nearly three-quarters said they feel confident in their knowledge of the technology, more than half said the terms “blockchain” and “crypto” are interchangeable.

Similarly, CasperLabs reported that the biggest obstacles to adoption are limited developer knowledge, lack of tools, interoperability and blockchain cynicism.

However, 98 percent of respondents expressed that they would be more likely to adopt blockchain if they learned more about the technology and understood how their peers were using it.