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Blockchain adoption highlights

June 6 2019
by Csilla Zsigri

Introduction

Since the appearance of Bitcoin, blockchain technology has evolved immensely, finding increasing interest and excitement in the business world for a variety of use cases beyond payments. The enterprise blockchain (or blockchain for business) market is maturing, driven by a growing focus on the right use cases, easier access to the technology and a growing interest by businesses in implementing it across industries.
The 451 Take

In 2017 hundreds of blockchain-related proofs of concept and pilot projects were conducted across industries; blockchain technology vendors, in particular, were hoping these would move into production in 2018. Although production use hasn't increased significantly, blockchain technology has become part of the enterprise digital portfolio, with 50% of organizations at least considering its implementation, and with some markets – regional or vertical – being more active than others.

Overall adoption

Although overall production adoption of 'blockchain for business' continues to be in the single digits – according to our Digital Pulse survey – 50% of organizations are at least considering its use, while 28% are actively planning to implement or implementing it (see Figure 1), which presents a significant opportunity for blockchain technology vendors and service providers.
Figure 1
Figure 1: Blockchain implementation status worldwide 451 Research's Digital Pulse, Budgets & Outlook 2019

Regional differences

Our research suggests growing interest in Asia-Pacific and Latin America, where 60% and 59% of survey respondents, respectively, report that they are at least considering the use of blockchain technology. Even though North America currently has the largest share (on account of the presence of prominent market players and investments for the development of blockchain technology), production use is highest in Asia-Pacific and EMEA, with 10% and 7%, respectively.
Figure 2
Figure 2: Blockchain implementation status by region 451 Research's Digital Pulse, Budgets & Outlook 2019

Vertical activity

Although the financial industry may have been experimenting with blockchain technology the longest, production use and interest in implementing the technology have grown across several other industries. According to our research, production use is currently highest in the telecommunications and utilities industries, while media and publishing, software and IT services, finance, and manufacturing stand out in terms of adoption intention.
Figure 3
Figure 3: Blockchain implementation status by industry 451 Research's Digital Pulse, Budgets & Outlook 2019

Size makes a difference

Our survey data shows that businesses with over a thousand employees are ahead in adopting (implementing or considering implementing) blockchain technology, especially those with annual revenue of more than $1bn.
Figure 4
Figure 4: Blockchain implementation status by company size 451 Research's Digital Pulse, Budgets & Outlook 2019