Ethereum platform still a top choice for many large firms
Ethereum is a choice for nearly half of large-sized businesses that have or are currently considering deploying blockchain in their businesses or systems according to a new survey by Juniper Research.
The platform is becoming a top choice for large enterprises seeking to use blockchain in areas such as logistics, authentication, and smart contracts. This reveals that its token standardization is beneficial for creating an ecosystem of dApps to be built on its chain.
Ethereum has recently been found to be the most profitable ICO so far according to The Block, which is a community for cryptocurrencies and blockchain enthusiasts. The group compiled a list of 1,750 ICOs from 2014 to 2018 and checked how much investors would have made if they invested money in the ICO coins at token sale. The listing revealed that around 17 percent of ICOs were completed and are being traded on the market, and on average these completed ICOs offered a return of 479%. However, Ethereum gave a benefit of as much as 59,552.73%, as of September 11 this year, followed by Spectrecoin (24,400%). NEO, Lisk, Augur, and Aeternity were in the top ten.
Not only is it the main choice for companies wanting to deploy blockchain, but the platform also enables most cryptocurrency businesses to launch tokens.
The news comes even as Ethereum price fell to lose this weekend gains of more than 10 percent.
The survey, which involved enterprises with over 10,000 employees, also found out that 65 percent of respondents are considering blockchain initiative, which is nearly double in comparison to the 34 percent of companies that said they were considering blockchain initiatives last year. However, this year, there is a drop from 34 to 15 percent of respondents who said that they were considering applications related to payments. For those considering deploying blockchain, IBM is the go-to company for deployment, ranking first as a choice by 65 percent of respondents. This was nearly 10 times that of second-placed Microsoft, which scored 7 percent.
The survey also provides evidence that blockchain investments are going to increase, with respondent companies that had already spent USD 100,000 on blockchain development, saying they will at least double the amount this year.
And since, according to the survey, around three-quarters of respondents said they expect either internal or clients' systems to be disrupted in future, it is necessary for companies to "engage in a prolonged period of parallel running new systems alongside the old, to iron out any issues that might arise.”
The global blockchain market is expected to expand at a Compound Annual Growth Rate (CAGR) of +75% by 2023 according to a new forecast released this week by QYReports.
The report looks at the many factors that will cause this growth as well as the restraints that will pose a threat to the growth of the market. In addition to outlining the market shares for key regions and key vendors such as Abra, AlphaPoint, Amazon Web Services, Bitfury Group, BTL Group, IBM, Microsoft and Ripple, the report also gauges the bargaining power of suppliers and buyers, threat to the new entrants and product substitute, and the degree of competition prevailing in the market. It also looks at the influence of the latest government guidelines on the global blockchain market.