Generally, the resistance to blockchain is rapidly waning. In its place is growing an increasing enchantment with blockchain technologies and its countless applications. 2018 has brought forth a situation where many industries are affectionately jumping on blockchain technology. Likewise, statistics from a recent Juniper survey reinforce this increasing adoption of blockchain across industries.
According to the Juniper Survey, More Industries Jumping on the Blockchain Bandwagon
According to figures from the Juniper survey, approximately 65% of companies who partook in the survey (with more than 10,000 employees in their workforce) have their ambitions well fixated on adopting blockchain along the line. Still, among this 65% are companies already practically engaging in adopting blockchain. One can say this is an impressive growth when measured against 54% the same Juniper survey recorded for 2017.
The bar for blockchain adoption is raising as more and more industries tap into the enormous potential of this technology. Additionally, statistics from Blockchain Enterprise Survey: Deployments, Benefits & Attitudes (Second Edition) also support this claims. According to data emerging from the latter, approximately a quarter of the companies contacted are already migrating past just visionary concepts into active trials, as well as engaging in commercial rollouts. Uniquely, 2018 ushered extensive diversification in the application of blockchain.
In the light of this, just 15% of deployment was for payment solutions this year. This shows blockchain steadily encroaching past the financial niche it was traditionally famous for. Last year, a wholesome 34% of blockchain application focused on payment gateways. This year we are seeing blockchain impressively enter into smart contracts, data, logistics procurement, as well as administration – even as far as authentication.
These findings are well in line with those of Juniper survey, all pointing toward a vigorous assimilation of blockchain technology across a broad stretch of industries. Both surveys find the desire to cut operational cost fueling the increasing penetration of blockchain. Security is another major inspiration.
Ethereum Leading the Pack
Similarly, at the frontiers of blockchain technology adoption is Ethereum (ETH). Going by the Juniper survey, over half of the companies are exploring the possibility of deploying Ethereum as their primary blockchain. This is because of the token standardization of Ethereum has largely supported building a coherent ecosystem of distributed applications. Otherwise known as DApps. Interestingly, the increased affection for blockchain doesn’t look to be a short term affair. Every single of the interviewed companies who have put in more than $100,000 USD in blockchain tech research plan to sustain or step up their spending across the coming 12 months.
Even more disruptions in internal systems can be expected as blockchain consumes the prevailing technological ecosystem. According to a 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.”
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