90% Of Businesses Adopting Blockchain Technology

90% Of Businesses Adopting Blockchain Technology

The State of Enterprise Blockchain Adoption in 2023 report questioned 603 enterprise decision-makers across firms from the United States, the UK and China.

The study showed that attitudes towards the blockchain in these countries remained strong despite the downturns in the market. In addition to the 87% likely to invest this year, nearly 90% of businesses said they have already started using the blockchain in one capacity or another.

Businesses that already use this technology benefit from two of its main features: security (42%) and copy protection (42%). Those in IT operations use blockchain for purposes such as internal workflows (40%), supply chain efficiency (34%) and software development (30%) among others.

Interest has been particularly strong in China, where more than half of respondents said they were very likely to invest in the blockchain this year. This is partly because 81% of survey respondents expect technology budgets to increase in 2023, despite the economic challenges.

A revealing aspect of the report was its finding that knowledge about blockchain technologies among business leaders is still insufficient. While nearly three quarters said they were confident in their knowledge of the technology, more than half said the terms ‘blockchain’ and ‘crypto’ could be used interchangeably.

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