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A new report from CasperLabs — the enterprise blockchain software leader, indicates that enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase next year.
Blockchain adoption by businesses
Casper Labs released The State of Enterprise Blockchain Adoption, 2023 report. The report is based on a survey of 603 global business decision makers spread evenly across the US, UK, and China. It reveals that despite challenging economic headwinds, businesses plan to adopt blockchain technology in 2023.
The report also unveils the most prominent adoption challenges — blockchain knowledge gap that persists across business leaders and developers.
The report states that more than half (54%) of the respondents see blockchain and crypto as interchangeable terms. While the majority (98%) of respondents saying they would consider adopting blockchain if they knew more about the technology.
Nearly 90% of businesses in the United States, United Kingdom, and China are about to start using blockchain in some capacity. 87% are about to invest in blockchain solutions in the next 12 months. That is especially true in China, where over half are “very likely” to make an investment.
Despite the expected downturn, 81% expect the technology budgets to increase this year.
Mrinal Manohar, CEO and co-founder of Casper Labs said “2023 is going to be a pivotal year for blockchain technology. In spite of volatile digital asset markets, some of the world’s biggest institutions are recognizing an unprecedented, long-term opportunity to transform their business with blockchain – and they’re actively implementing those visions today.”
Medha Parlikar, CTO and co-founder of Casper Labs said “Business adoption is often the main driver of bringing new technologies into the mainstream, and blockchain is no different”.
“Perhaps the most important takeaway from this report is enterprises, governments, and Wall Street are recognizing that blockchain is not here to tear down and replace their current tech stack, but to help them operate more efficiently within their existing infrastructure. This report backs up what we have seen firsthand: people are interested and willing to invest in blockchain — they just need the right knowledge and tools to make it happen,” she further said.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
