Interest in blockchain technology is growing among enterprises, but adoption is still nascent, with just 3 percent of businesses actually using it in production this year.

That’s according to 451 Research Inc.’s new Blockchain Codex 2017 report, published Thursday, which takes a look at some of the ways in which the technology is being explored for use in business. It also looks at some of the obstacles in the way of adoption.

The study found there’s still a long way to go before the technology establishes itself in production environments. Some 28 percent of enterprises surveyed in 451 Research’s report indicated they’re either evaluating or already using blockchain technology.

Of that 28 percent actually testing blockchain, about 20 percent are still in the discovery or evaluation phase. Four percent said they were currently running a trial or pilot project, while 2 percent are using blockchain in their testing and development environments.

Just 2 percent of companies have actually begun using blockchain within their product applications, while less than 1 percent said they had reached the stage where they’ve broadly implemented the technology.

“Blockchain will do for transactions what the Internet has done for information,” 451 Research senior analyst Csilla Zsigri said in a statement. “It promises to disrupt business models and entire industries. It allows for increased trust and efficiency, and is pushing us to challenge how we define and exchange value and reward participation.”

As is normal with emerging technologies, however, the amount of hype about its prospects is causing problems. 451 Research says there’s still a “rampant misunderstanding” of what blockchain actually involves, and this means that many enterprises are struggling to understand where its real value lies. The report says this has led many businesses to play up their own implementations of the tech in order to generate more hype and interest, a practice that 451 Research calls “blockchain washing.”

Some of this hype is justified, as the report confirms that there is real promise for blockchain and its implementation in certain enterprise systems. For example, 451 Research cites smart contracts, ledgers for cloud tasking, and the authentication of “internet of things” devices at the network edge as big potential uses for the technology.

As blockchain technology evolves and understanding around it grows, so will the opportunities for companies and individuals with expertise in the area. The report points out that there’s currently a scarcity of skills in blockchain and potential applications, allowing experts to create a niche for themselves in helping companies adopt the technology.

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