Blockchain

Blockchain Adoption [The LATEST Statistics of 2022] | Spendmenot

How many countries and companies have adopted blockchain?

Let’s start with some of the hottest blockchain adoption facts and stats:

Table of Contents

Top Blockchain Statistics (Editor’s Pick):

  • Almost 80% of global executives view blockchain as “very important”.
  • More than 60% of executives believe regulatory issues pose a barrier to blockchain adoption.
  • 81% of the 100 largest public companies indicate they use blockchain technology.
  • 30% of executives believe China will become a blockchain leader by 2023.
  • Global spending on blockchain solutions is expected to reach $19 billion in 2024.
  • Crypto and blockchain job listings grew 615% in 2021.
  • The US accounts for 48% of the global blockchain investments.

The cryptocurrency revolution is here to stay.

However, they are still limitations.

Have you wondered about stuff such as blockchain regulation?

Where is bitcoin legal today?

Let’s get started, guys.

First things first:

What Is Blockchain and How Does It Work?

When we hear the word ‘blockchain’, many of us are left wondering what it is.

The blocks contain all of the info related to the crypto transaction, including the cryptocurrencies spent, the time and date of the transaction, and the unique code of the user.

To be a part of a crypto transaction, each user needs a wallet with public keys and private keys. With public-key cryptography, the user gets an encrypted key for their wallet. While the public key is visible to everyone with access to the blockchain, only the owner of the wallet knows the private key. This private key enables the user to decrypt or read the data.

All blocks have a unique hash code and are linked with the previous ones. Imagine a tower of vertical blocks marked with a number consecutively stacked together. The blocks are stored in computers connected to the network, linked together in a chain.

Latest Blockchain Adoption Statistics

And now, for the latest and most important blockchain stats. Shall we?

1. Almost 80% of global executives view blockchain as very important for their respective industries.

(Source: Deloitte)

Deloitte polled 1,280 senior executives from high-revenue companies worldwide for its 2021 Blockchain Survey. One of the main questions the execs had to answer was about the importance of blockchain and digital assets to their organization.

The survey results show that 78% of respondents agree blockchain will be “very important” to their respective industries in the next couple of years.

2. 81% of executives believe that blockchain technology has achieved mainstream adoption.

(Source: Deloitte)

The same 2021 Blockchain Survey has found that 81% of senior executives believe blockchain is broadly scalable and has already achieved mainstream adoption. And 78% agree that there is a compelling business case for blockchain.

3. 73% of executives agree they will lose their competitive advantage if they don’t adopt blockchain.

(Source: Deloitte)

In addition to this general agreement on the importance of blockchain, there is an overall belief, or should we say fear, among executives that unless their companies adopt blockchain technology, they will lose competitive advantage.

4. 71% of executives agree cybersecurity is the major obstacle to the acceptance of digital assets.

(Source: Deloitte)

Potential cybersecurity threats stand at the forefront as the main barrier to the acceptance of digital assets. This marks a 5% increase compared to 2020, when 66% of executives felt this way.

5. 6 in 10 executives believe that regulatory issues pose a barrier to blockchain adoption.

(Source: Deloitte)

Regulatory issues are also commonly viewed as a barrier to the adoption of blockchain technology. In 2021, 63% of respondents felt this way, increasing significantly from the 56% of executives who shared this sentiment in 2020.

The implementation, replacing or updating of existing legacy systems was also viewed as an obstacle to the further adoption of blockchain technology by 50% of the respondents.

6. 80% of executives believe their industries will see new revenue streams from blockchain solutions.

(Source: Deloitte)

There is shared optimism about future revenue streams from blockchain solutions.

And while we’ve already seen blockchain’s application in finance, the use cases are practically endless. Entrepreneurs believe the tech could transform many more industries — from healthcare to insurance to hospitality.

7. 81 of the top 100 public companies use blockchain technology.

(Sorce: Blockdata)

An impressive 81% of the world’s top 100 public companies by market capitalization use blockchain technology.

Microsoft, Amazon, J.P. Morgan, Walmart, Alibaba, PayPal, Samsung and the Bank of China are among the 27 companies with a fully functioning live blockchain product. Another 24 companies, including Alphabet, Pfizer and Bank of America, are actively developing blockchain solutions. Tesla, Nestle, Nike, Pepsico and 10 more companies from the list have launched their pilot blockchain project, while 16 remain in a research phase. Interestingly, Apple is in that latter category, lagging behind the tech giants that have already adopted blockchain technology.

Blockchain adoption stage of top institutions

(Image source: Blockdata)

8. 55% of healthcare applications will have adopted blockchain for commercial deployment by 2025.

(Source: Statista)

Blockchain is so versatile that besides recording financial transactions, it can be used for storing and transferring medical records, managing the medicine supply chain, and even helping healthcare researchers unlock genetic codes.

According to estimates, 55% of healthcare applications will have adopted blockchain for commercial deployment by 2025. For comparison, back in 2017, 50% of the companies in the sector had no plans to deploy the technology.

9. Secure information exchange is the most popular blockchain use case.

(Source: Statista)

As of 2021, 45% of organizations used blockchain for secure information exchange. Digital currency, asset tracking and management, and digital identification were also identified as common blockchain use cases.

10. 45% of executives believe that blockchain adoption is delayed due to a lack of trust.

(Source: PwC)

Both the PwC and Deloitte survey found that regulatory issues are the main barrier preventing companies from adopting blockchain. The PwC survey, however, pointed to another reason, with nearly half of the executives citing the lack of trust from users in the technology as the second barrier.

As with any other revolutionary technology, many don’t understand what blockchain is and how it works.

11. 30% of executives believe China will become a blockchain leader by 2023.

(Source: Statista)

In 2018, 29% of executives saw the USA as a blockchain leader. Yet, only 18% project that the country will hold the top spot until 2021-2023.

While only 18% viewed China as a blockchain leader in 2018, 30% believed that the nation would take over in the 2021-2023 period.

12. 63% of Chinese executives believe smart contracts are highly important.

(Source: Deloitte)

Smart contracts are one of the many uses of blockchain technology. A smart contract can be encoded with all the stipulations on the blockchain ledger. When both parties fulfil their end of the respective deal, the contract is automatically enforced.

Given all of the benefits that smart contracts offer, it’s plain to see how they are valuable to businesses. Both Chinese and American companies agree with this, with 63% of Chinese and 60% of American executives believing they are highly important.

A significant percentage of Singaporean executives agree, or 51% to be exact. Only 37% of Israeli executives share this view.

13. Global spending on blockchain solutions is expected to reach $19 billion in 2024.

(Source: Statista)

Blockchain statistics from 2021 suggest that worldwide spending on blockchain solutions was $6.6 billion for that year. The amount is forecast to grow by more than $10 billion by 2024 — reaching a staggering $19 billion.

14. Crypto and blockchain job listings grew 615% in 2021.

(Source: LinkedIn)

Demand for blockchain talent is on the rise. Data from LinkedIn’s Economic Graph team show that US job postings, including terms like “crypto” or “blockchain”, grew 615% from August 2020 to August 2021. JPMorgan was among the top employers hiring for such roles.

15. 30% of developers are learning about non-crypto blockchain applications.

(Source: SlashData)

According to SlashData’s survey of 20,000+ coders, blockchain, cryptocurrencies, and NFTs gather the highest interest. Around 12% of developers have already adopted blockchain technology, while 30% are currently learning about it.

16. The market valuation of blockchain technology is expected to reach $25 billion by 2025.

(Source: Global Market Insights)

A report on the blockchain market size 2019-2025 suggests that the technology’s market valuation could reach $25 billion by 2025. It is projected to expand at a compound annual growth rate (CAGR) of more than 69%.

This is on account of the technology’s multiple benefits and uses across various industries. It further simplifies the stock exchange process, speeding up transactions.

17. The US accounts for over 48% of global investing in blockchain.

(Source: Blockdata)

A total of $23.1 billion in venture funding was raised by blockchain companies in 2021. The US accounted for nearly half of this amount, or $11.1 billion. Following was the UK with $1.9 billion and Hong Kong with $1.7 billion.

Venture funding raised by blockchain companies per country

(Image Source: Blockdata)

Blockchain Stocks

And how does the stock market feel about blockchain?

While blockchain is primarily associated with Bitcoin and other cryptocurrency transactions, this technology has many other uses in the business world — it can be used to store other data, such as medical or property records.

The technology’s other practical applications have coined a new buzzword in the investment world: blockchain stock. Many of us still don’t understand how this technology works, but there is one thing that is evident to investors — the potential of blockchain is enormous.

The industry is shifting, evolving, and changing in a revolutionary way. And blockchain’s growing popularity is reflected in the stock market, where the mere mention of introducing the technology can send a company’s shares soaring. There is no denying that the hype is real — Reality Shares has even created a blockchain score that ranks companies based on their blockchain potential.

How to Invest in Blockchain?

Buy now, regret later…right? Let’s see.

We are currently witnessing the blockchain revolution along with all of the stock market’s ups and downs as well as the ongoing cryptocurrency volatility. Some believe that now is the time to buy and that they will reap the profits soon. Others are sceptical, wondering whether this is another market bubble.

If you have decided to take the leap but are wondering which blockchain stocks to buy in 2022, here is what you need to know.

Profits

Is the company actually making profits? For example, stocks in tech group Nvidia have soared, but there is a logical explanation for this. The company produces GPUs (graphic processing units), which are vital in the cryptocurrency mining process. And while investing is always a gamble, the best way to go about it is to research which companies have the most potential and to spread out your investments so as to cover different blockchain-related aspects.

Application

We already mentioned the possible applications of blockchain technology in multiple industries. One of the most promising seems to be using it as a new type of payment rail. A payment rail is a technology that enables financial transactions, the most common being credit and debit card rails or electronic funds transfer (EFT) rails such as PayPal. According to the latest PayPal statistics, there are currently more than 361 million active PayPal users. It’s a big deal!

But now, blockchain technology is entering the banking sector and becoming the newest payment rail. If you google the phrase ‘best blockchain stocks 2022,’ you will find that the stocks of banks and financial services corporations adopting blockchains, such as Bank of America and Mastercard, are among the top results.

So, to sum up: you should consider the profits of the company and the intended application of the technology before you put your money into those stocks.

Best Cryptocurrency Wallet

Cryptocurrency adoption statistics show the crypto ownership rate stood at 4.2% as of 2022.

Before we kick off the search for the best crypto wallet, we will try to explain what a crypto wallet is. It is a software program that stores the public and private keys mentioned at the beginning of our article. So a cryptocurrency wallet doesn’t actually store cryptocurrency — instead, it stores those keys which allow you to use your digital coins.

There are a few different types of wallets, each with its pros and cons. Desktop wallets and mobile wallets, with the former used on desktop computers and the latter on mobile phones. There are also web wallets, which store your keys online and hardware wallets that use a hardware device like a USB flash drive instead.

So, what is the best blockchain wallet? That depends on your needs. If you intend to store your coins and hold on to them, then a cold wallet (also called an offline wallet), such as a hardware wallet, is better suited for your needs. If you intend to use your digital coins regularly, then a hot (online) wallet may be the better option. For the best of both worlds (and diversification), you can also use two different types of wallets.

Key Takeaways

If you didn’t retain anything from all those stats and facts above, no worries! We will sum up the key info provided by the stats.

Companies view blockchain as a strategic priority. They agree that it is the future of the industry, and unless they don’t keep up with the times, they will lose a competitive advantage.

Nonetheless, regulatory issues and all of the logistics of implementing the technology are preventing them from taking the next step. There is also a lack of trust in this new and revolutionary technology.

Some are sceptics, feeling that blockchain is overhyped or that it will disrupt their industry.

That doesn’t change the fact that spending on blockchain solutions is increasing, and both governments and private companies are investing.

That’s all there is to it.

See you around on SpendMeNot.com, everyone!

Have a great day!

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