A new research made by fintech analysts from Juniper House, blockchain popularity increased 11 percent in 2018. This is according to a press release published by the company on September 11.
Companies Embrace Blockchain Technology
As per the report, 65% of the large enterprises responding to the survey said that they are ‘considering or actively engaged’ in blockchain development. This number is higher than the last year when it registered 54% of interest.
The research is titled Blockchain Enterprise Survey: Deployments, Benefits & Attitudes (Second Edition). It shows that over a quarter of firms have decided to move into trials and different commercial rollouts.
Additionally, just 15 percent of the companies said that they are working with blockchain technology to improve or create new payment systems. Last year, this number was 34 percent. This clearly demonstrates that the technology has several applications beyond payments.
Some of the most important fields are logistics, authentication, and smart contracts. Samsung, for example, has upgraded its smart logistics platform using artificial intelligence and distributed ledger technology (DLT).
Companies such as JD.com are working with blockchain technology to improve food safety. With DLT, it is possible to track shipments from one country to the other.
The survey has also found that almost half of the respondents would like to use Ethereum’s blockchain. This network has been used by several projects to launch their distributed applications (dApps). Firms want to improve their services by using the platform’s token standardization potential and launch their dApps.
Firms that have already invested $100,000 in blockchain technology, explain that they are planning to spend the same number in the next year. According to the report, this shows that companies have a positive feedback on their initial investment.
James Moar, the Juniper research co-author, explained:
“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.”
Some of the most important firms investing in blockchain technology we find IBM, Microsoft, and JP Morgan. All of them have different blockchain services or products and are investing important sums of money on research and development.
Blockchain technology appeared in the market with Bitcoin. DLT allows cryptocurrencies to work and to process transactions without the need for a third party or a central authority.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.