Casper Labs, the enterprise blockchain software leader, today released The State of Enterprise Blockchain Adoption, 2023 report. Based on a survey of 603 global business decision makers spread evenly across the US, UK, and China, the report reveals that despite challenging economic headwinds, businesses plan to adopt blockchain technology at increasing rates in 2023. It also unveils the most prominent adoption challenges, namely a blockchain knowledge gap that persists across business leaders and developers.
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“2023 is going to be a pivotal year for blockchain technology,” said Mrinal Manohar, CEO and co-founder of Casper Labs. “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.”
Report takeaways include:
The blockchain knowledge gap persists across both business leaders and developers.
- More than half (54%) of respondents still see “blockchain” and “crypto” as interchangeable terms – even though the former is just a single application of the latter.
- The far majority (98%) of respondents expressed they would be more likely to adopt blockchain if they learned more about the technology and understood how their peers were using it.
- There’s a steep learning curve for developers during or after blockchain implementation; it’s the most common challenge to adoption (25%) followed by lack of viable tools (24%), interoperability concerns (20%), and anti-blockchain cynicism (18%).
Yet there’s strong interest in adopting blockchain.
- Nearly 90% of businesses in the US, UK, and China are starting to use blockchain in some capacity.
- 87% are likely to invest in a blockchain solution in the next 12 months. This is especially true in China, where more than half are “very likely” to make an investment.
- 81% expect technology budgets to increase in 2023, even amid an expected downturn.
“Business adoption is often the main driver of bringing new technologies into the mainstream, and blockchain is no different,” said Medha Parlikar, CTO and co-founder of Casper Labs. “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.”
The release of this report comes a week before Casper Labs hosts the second annual Blockchain Hub in Davos, Switzerland, an event that brings together business leaders, academics and policymakers to discuss the state of the blockchain industry and its impact on the world around us.