A third of firms are working with blockchain as tech continues to grow

Understanding and implementation are still low, though

Use of blockchain technology has grown hugely this year. Job postings have grown more than 200 per cent, according to Indeed.com, and we saw some of the first uses for payments, data storage and even in the food supply chain.

Despite working adoption still being low, interest in blockchain is high. 451 Research says that almost a third of firms are experimenting with the technology, although only three per cent have a working production application.

20 per cent of respondents to the 2017 Voice of the Enterprise Cloud Transformation, Vendor Evaluations study are using blockchain in a discovery or evaluation phase; four per cent are running trials; two per cent are using it in test or development environments; two per cent are running initial implementations; and fewer than one per cent have broad implementations.

However, understanding of blockchain is still low and the market is plagued with ‘washing' (overuse of a term to garner interest) in the same vein as ‘artificial intelligence' and ‘machine learning'. It is important for firms to understand what they are working with when they move to the blockchain market.

The sector is expected to continue to grow; not only due to the massive growth of cryptocurrencies and ICOs, but for other factors such as the potential for tax relief, which could be applicable to any firm working with blockchain; and the possibility of help with GDPR compliance.

Report author and senior analyst at 451 Research, Csilla Zsigri, said, "Blockchain will do for transactions what the internet has done for information. It promises to disrupt business models and entire industries. It allows for increased trust and efficiency, and is pushing us to challenge how we define and exchange value and reward participation."