A vast majority of companies are not leveraging blockchain technology in any way, according to Stack Overflow’s annual Developer Survey. Ninety thousand developers from all over the world took part in the research, making it the largest survey carried out to study developer work preferences and tools they use at work.
According to the responses of 48,175 developers, 80 per cent of organisations do not use blockchain technology. Out of those that do, 12.7 per cent opt for non-currency applications of a blockchain, while the rest choose cryptocurrency-related uses (implementing cryptocurrency-based products 4.0 per cent; accepting digital assets as payments 2.1 per cent; implementing their own cryptocurrency 1.3 per cent). Interestingly, "Developers in India are the most likely to say their organizations are using blockchain technology," Stack Overflow writes.
On the other hand, two-thirds of the respondents believe in the usefulness of blockchain technology. However, Stack Overflow notes those more optimistic about blockchain are mainly young and inexperienced. Those with more experience claimed blockchain is an irresponsible use of resources. Out of those more optimistic about blockchain, 29.2 per cent believe in the technology's usefulness across various domains and claim it "could change many aspects of our lives." Others said it was useful for immutable record keeping outside of currency (26.2 per cent) or useful for decentralised currency (12.2 per cent).