The ever-evolving landscape of blockchain is marked by a growing understanding of its true value within the enterprise’s technology stack and where it can play a pivotal role in the secure and trusted tracking of information. In this past year, we have seen the advancement of numerous and varied implementations, including the end-to-end tracking of raw materials, retail goods, and recycled water; the growth of digital currency projects around the world, from the Philippines to the EU; and the debut of fashion brands such as Gucci and Adidas entering the NFT and metaverse space.
This year, as in the 2021 brand study, we looked at the impact of the Hyperledger brand and its positioning, value, and use among other enterprise brands. We surveyed individuals working in the broader enterprise blockchain market, looking beyond the Hyperledger community to get an outside perspective on the Foundation. We also had the opportunity to talk with subject matter experts on their views of the market, how far we’ve come, and where they expect the market to go. The recently released Hyperledger Foundation 2023 Brand Study offers a comprehensive look into the current state of the industry, shedding light on key trends, challenges, and prospects. What follows are a few key findings from the report.
- Enterprise blockchain is establishing itself beyond the hype. The report indicates a sustained uptrend in adoption and development rates of blockchain technology from 2021 to 2023. This growth underscores blockchain's transformation from an emerging technology to a robust and established core technology across industries.
- Familiarity with Hyperledger technologies is strong and growing. Participants in the study demonstrated a significant familiarity with Hyperledger technologies, with 49% claiming to be very or extremely familiar—an increase of 17% from 2021. This rise reflects the growing recognition of Hyperledger's significance in the blockchain ecosystem.
- Hyperledger Foundation has good brand positioning, but knowledge gaps remain. The Hyperledger brand was characterized as trustworthy, open, and enterprise-oriented, making it a relevant choice for businesses seeking reliable and secure blockchain solutions. However, the report found a gap in awareness around certain Hyperledger technologies. This signals an opportunity for the Foundation to enhance education and outreach efforts.
- Enterprise blockchain has many benefits compared to traditional infrastructure. Respondents cited quality assurance for traceability, efficiency gains, and reductions in operating costs as the top three advantages. Benefits specific to the Hyperledger brand included its open-source and solutions-ready nature and strong community support. These characteristics are crucial in an era where collaboration and adaptability are paramount.
- Enterprise blockchain is used in a variety of use cases. The report identifies key use cases for enterprise blockchain, with supply chain, financial services, identity credentialing, and energy leading the pack. Its convergence with artificial intelligence (AI) was also highlighted as an area of significant promise, where the combination of the different technologies makes them more powerful than just the sum of their parts.
- The technology faces some hurdles to adoption. Despite the positive outlook, the study outlines challenges hindering enterprise blockchain adoption. High migration costs, security risks, and regulatory uncertainties emerged as the top obstacles. Confusion still persists between enterprise-grade blockchains and cryptocurrencies, creating regulatory restrictions, misconceptions, and fears. Clarifying this distinction is crucial for fostering a more conducive environment for blockchain adoption.
- This is digital transformation, and it takes time. Participants in the study unanimously agreed that blockchain represents a form of digital transformation, and as such, will take time for adoption and implementation. Hyperledger Foundation’s stewardship is a key component of this transformation, and it can help in regulation and adoption by reducing complexity and increasing support.
The Hyperledger Foundation 2023 Brand Study is a trove of insights for anyone keen on understanding the current dynamics, challenges, and promises of the blockchain industry. As we navigate the complex terrain of emerging technologies, Hyperledger stands out as a beacon of innovation and reliability, paving the way for a transformative future.
As the open, global ecosystem for enterprise-grade blockchain technologies, Hyperledger Foundation continues to shape the industry's trajectory. Its technologies are involved in many case studies around the world, from supply chain tracking to central bank digital currencies. Celebrating its 8th anniversary, the Foundation recently announced the addition of seven new members, further solidifying its position as a driving force for enterprise adoption. The findings of this research report are another healthy signal for the Foundation’s significance in this sector and the continued growth of the technology.