A recent study has indicated that blockchain technology gained more acceptance from large industries with 10,000 employees or more around the world this year.
According to the research published by Fintech’s Juniper House, the level of traction from large enterprises has gone up by 11% and 65% of respondents in the survey are either considering or are actively involved with the blockchain deployment while a similar survey conducted last year showed only 54% deployment.
Although blockchain is known majorly for payments especially for cryptocurrencies, the study also showed that only 15% of those deploying it are using it for payments compared to 34% last year, suggesting a significant diversification in the application of blockhain technology including logistics, authentication and smart contracts.
In order to know the potential and future of investment in the technology, firms that have invested at least $100,000 in blockchain this year were approached and asked of their intention to invest next year. A shocking 100% of the respondents indicated they would not invest anything less in blockchain technology in the coming year.
The study also dabbled into the world of Ethereum and reveals that Ethereum’s strength lies in its blockchain which many companies are thinking of deploying for building dApps because of its standardisation. This is true because Ethereum blockchain has been used to create Opera’s browser crypto wallet and many other inventions recently.
Generally though, the wide and growing interest in blockchain technology is hardly a surprising development considering the increasing popularity of the technology even in countries where it was hitherto forbidden or are still not fully accepted.
For example in China where trading in cryptocurrency has been banned, both industrial and commercial banks are working on adopting blockchain technology for more efficiency. In fact, China is working on being the most advanced in blockchain technology globally.
Just in July, it was reported that Russia’s military is building a blockchain research lab. In March, another report was published about Japanese banks working on adopting Ripple’s blockchain for payments. The most recent is that of the US government trying to harness blockchain for authentication of certificates.
With the level of acceptance that the technology is getting even in the face of downtrends in the cryptocurrency market, it is evident that it will soon become the technology of choice in every sector globally.
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