Nearly half of all companies that are considering to deploy blockchain technology in their business is looking to Ethereum as their platform of choice, a new survey from Juniper Research, a UK based research company, has found.
Dubbed the Blockchain Enterprise Survey: Deployments, Benefits & Attitudes, the study revealed that distributed applications (dapps) built on the Ethereum blockchain remains the most attractive option for large enterprises, with the greatest potential now seen in areas of practical application such as logistics, authentication, and smart contracts. (Juniper did not provide further details about the methodology of the survey.)
The positive responses could also indicate that large enterprises place much greater value on the flexibility of the Ethereum platform and the tokens built on it than on the price of Ether, which has crashed roughly 85% since its peak in early 2018.
Despite this year’s sell-off, however, Ethereum has remained the second-biggest cryptocurrency by market capitalization, with a total value of over USD 22 billion. That compares to a USD 11 billion market cap for the number three cryptocurrency, Ripple’s XRP.
However, competition is fierce among Ethereum and its alternatives such as NEO, Lisk, Cardano, RSK, NEM, and others. For example, Everipedia, the new initiative that aims to challenge the online encyclopedia Wikipedia, has decided to ditch their plans of launching on the Ethereum blockchain in favor of the new EOS blockchain.
Meanwhile, the survey by Juniper, which only included enterprises with over 10,000 employees, further revealed that 65% of respondents were already actively engaged in, or considering, various blockchain related initiatives, marking a significant increase from the 34% of companies that said the same thing last year. Only 15% of respondents said they were considering blockchain projects related to payments, as compared with 34% last year.
Further, the companies surveyed that had already spent USD 100,000 on blockchain development, all said they intend to at least double the amount this year, which, according to Juniper Research, demonstrates that initial experiences with the technology have been largely positive.
Also, a recent survey by PwC showed that three of the biggest reasons stalling blockchain adoption in businesses are cost, not knowing how to start, and lack of governance. However, as Steve Davies, Blockchain Leader at PwC, stressed, “what business executives tell us is that no-one wants to be left behind by Blockchain, even if at this early stage of its development, concerns on trust and regulation remain.”