Adoption phase for blockchain technology in organizations worldwide 2018, by industry

As of April of 2018, around 29 percent of respondents working in the consumer products & manufacturing industry reported that their company was in the production phase of blockchain adoption. Production phase generally means that blockchain technology was currently deployed and being used within the company. Nearly half of respondents working in the financial services industry stated that their organization was experimenting with the use of blockchain technology.

Blockchain

At a very basic level, a blockchain is a record of transactions which exists across a range of devices and is immediately updated within an entire network when a transaction is added. The design of the software ensures the safety and verifiability of transactions, which makes it particularly well suited for use in cryptocurrency. Worldwide spending on blockchain solutions is expected to grow to around 15.9 billion U.S. dollars by 2023, as an increasing number of companies incorporate the technology into their business. Private and permissioned blockchain models are some the most popular methods of blockchain use within companies, and the technology is most widely utilized for cross-border payments and settlements.