Jan 12, 2023
The State of Enterprise Blockchain Adoption in 2023
Key Trends, Challenges, and Opportunities
Let’s be real. People are tired of hearing about blockchain.
The popular narrative around blockchain generally equates to crypto. Recent headlines—along with the bad actors who have exacerbated an extended downturn—have understandably generated scrutiny, exhaustion, and cynicism around the space. But focusing too much on this narrow area comes with a big risk of glossing over a larger, more promising reality with longer-term impact: blockchain is here to stay.
Instead of the ebbs and flows of digital asset markets, the increasingly creative and diverse ways that businesses incorporate blockchain into their existing systems will define (and are actively defining) its future. Blockchain’s true utility is in unparalleled copy protection and digital certification, both essential for a nearly limitless pool of business applications.
Organizations of all sizes are tired of the challenges that come with proving ownership and authentication of their assets, be it a mortgage reconciliation, auto lease, patent, coupon code… you name it. Blockchain represents the first time businesses, governments, and Wall Street are able to securely store their data in a tamper-proof and fully traceable manner. This isn’t a distant future, either. We have seen firsthand that organizations are actively investing in this technology, inspiring us to gauge the pace of adoption in early 2023.
Business adoption is often responsible for driving mainstream spread of significant new technologies, and blockchain looks to be no exception. Even in its early stages, blockchain is already following a remarkably similar growth pattern as the internet itself. What began as an anarchistic marketplace 20-30 years ago has since matured into the backbone of commerce, communication, and entertainment. Blockchain is on a parallel fast track toward becoming an undeniable net-revenue positive for businesses. Some of the world’s biggest enterprises and governments today are recognizing that blockchain is not here to rip and replace their existing infrastructure, but to help them realize a more efficient output with their existing tools.
Naturally, business leaders have some questions: How does blockchain impact my existing data infrastructure and IT tooling? Will my data be secure? What are the use cases for my business? Will my team’s developers know how to implement it? How does blockchain fit into our budget? Will it actually help us overcome important business challenges?
We set out to answer these questions.
In this report, you’ll find that nearly 90% of businesses in the US, UK, and China are starting to use blockchain in some capacity. Yet they’re grappling with surprising knowledge gaps as well as key challenges like lack of interoperability and company buy-in.
As you’ll find in this report, we are in the midst of a pivotal moment for both blockchain and enterprise technology at large. Blockchain is ready for the enterprise, and enterprises are ready for it. We hope you find this report to be a valuable and lasting resource, no matter where you are in your journey with blockchain.
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