The ongoing bloodbath throughout 2022 contributed to significant turbulence in the blockchain and crypto segment. However, surveys indicate that this has not decelerated the rapid pace of blockchain adoption.
90% of Business Enterprises Willing to Integrate Blockchain
A recent report generated from poll surveys conducted by Zogby Analytics and CasperLabs puts the spotlight on a growing preference for blockchain adoption among decision-makers from 603 different business enterprises from US, UK, and China.
Almost 90% of these enterprises acknowledged using blockchain-based solutions in one way or the other, and 87% reported allocating capital for upcoming blockchain investments in 2023.
Rising Blockchain Trends across The US, the UK, and China
Casper Association board member Ralf Kubli voiced his opinions on how the recent crypto turmoil has not deterred the pace of crypto adoption at all, stating:
“It’s hugely encouraging to see businesses understanding that blockchain is not a competitor but a solution.”
In fact, the trends are showing further growth in China, where more than half of the survey respondents had plans for blockchain investment in 2023. Several sectors are benefiting from blockchain integration, with the latest ones including copy protection and security (42% each). Other IT-based operations benefiting from blockchain include internal workflows(40%), optimization of supply chains(34%), software development(30%), and more.
A critical challenge for blockchain proponents is addressing the drawback of enterprise leaders. It has been established that while 74% of the respondents are confident in the extent of their blockchain knowledge, a majority of them still view cryptocurrencies and blockchain as interchangeable.
Kubli mentioned that 2023 will be a milestone in blockchain adoption, providing viable solutions for real-world problems and generating long-term value.
The main hurdles to blockchain integration are the limited blockchain developer availability, shortage of tools, a pessimistic outlook towards the blockchain sector, and interoperability. However, most people are willing to adapt and gain insight into blockchain operations. Education is another challenge for newcomers venturing towards blockchain integration and client communications, along with accessibility.