A few years ago, it would have seemed impossible for the largest companies to be interested in blockchainBlockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through... and cryptocurrencies. However, today, the advantages of this technology have been recognized, while regulations are advancing to improve practices in this industry. For these reasons, institutional and enterprise adoption has been growing more and more.
In a survey published in October 2021, Blockdata found that 44 of the world’s top 100 public companies already actively include blockchain technology in their activities.
Also, of these 100 public companies, 86 companies develop or research solutions related to blockchain to integrate them into their operations.
Who is already using blockchain?
The Technology, Media, and Telecommunications sector stood out as the leading investor, with 16 institutions involved in blockchain. The Consumer & Retail and Basic Materials & Industrials sectors registered nine companies each.
Public companies involved in blockchain include L’Oréal, Alibaba, Walmart, McDonald’s, Nike, Tesla, Amazon, Disney, PepsiCo, Wells Fargo, JPMorgan, Roche Diagnostics, Tencent, Oracle, Meta, Adobe, Salesforce, Alphabet, Apple, Qualcomm, Verizon, Intel, NVIDIA, ExxonMobil, NextEra Energy Resources, American Express, Mastercard, Visa, Honeywell, and Paypal.
These corporations recognize the possibilities of blockchain to improve supply chain transparency, create customer loyalty programs through NFTs, and generally, improve user experience.
Institutional adoption grows, but consumers need education
However, companies’ efforts to include blockchain technology in their operations are insufficient. Another study found that only 40% of people understand crypto, out of a total of 10,500 people between the ages of 18 and 64, in four regions and 19 markets.
Consumer knowledge provider Toluna also revealed in that study that 57% of people had a general idea about cryptocurrencies. This makes crypto assets the second most popular type of investment after stocks.
Furthermore, 42% of crypto investors indicated they would increase their investment in the next six months. Also, 81% revealed that they would keep their investment intact or grow it in the same period, despite the crypto winter.
Of those who don’t invest in crypto, 32% said they don’t understand it well. While 28% think crypto is not secure enough. Thus, it’s evident again that the main entry barrier to adopting cryptocurrencies is education.
Therefore, it’s necessary for governments, individuals, and companies involved with blockchain to carry out programs to educate the population. Fortunately, various blockchain courses on the market can be obtained for free.
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