• Blockchain adoption is rising amongst firms
  • Forrester report says DeFi could affect blockchain adoption 

Forrester —a popular American research company—  has revealed that Blockchain adoption has risen massively in the current year. This was made known through a report that was produced by the analytical company.

A principal analyst of the firm, Martha Bennet, said that the predictions found in the report were based on already seen definite changes. She cited the organization’s report that predicted that 30% of projects would go into production by next year. She made it known that the firm made the predictions based on how the pandemic has affected the industry.

Bennet went on to note that many of the Blockchains today have the capacity to resolve issues quickly and in a very efficient manner. She also noted that some blockchains have the ability to resolve issues instantly.

The report mentioned that some blockchains would henceforth be running on the cloud. It says that those who were ready to go into production would definitely be running on cloud solutions. Organizations like Alibaba, Huawei, IBM, etc. could be using such solutions too.

DeFi will negatively impact Blockchain adoption

Forrester’s report has predicted that decentralized finance would have a negative impact on blockchain adoption. 

The report made it known that leaders in the enterprise technology industry are questioning the role of public blockchains. 

How DeFi is being used has led to questions being asked of networks like Ethereum. The reports indicate that this could push investors who are risk-savvy away from such blockchains.

Kyle Thomas, the CEO of Provide, however feels that public blockchains could someday become as widely available as the internet.

Kevin Feng, a PwC cyber-security expert, re-echoes the view of Kyle. He says that enterprises are currently reluctant to harness public blockchains, but in the long run, public blockchains will be beneficial to the industry.

Blockchain adoption has grown immensely in recent time. Businesses and organizations have been looking at how they can utilize this technology.