The latest trend report from Gartner on Hype Cycle for Blockchain Business shows that the blockchain technology will have significant business impact on the ways companies operate across most of the industries within five to 10 years.
The report provides an overview of how most of the CIOs are open to adopt blockchain technology to improve their current business processes.
“Even though they are still uncertain of the impact blockchain will have on their businesses, 60% of CIOs in the Gartner 2019 CIO Agenda Survey said that they expected some level of adoption of blockchain technologies in the next three years” said David Furlonger, research vice-president at Gartner.
“However, the existing digital infrastructure of organizations and the lack of clear blockchain governance are limiting CIOs from getting full value with blockchain.”
The data shows the transformation of blockchain business market in last one year. Looking back, Gartner’s 2018 CIO Survey data revealed that only 1% of the CIOs were interested to adopt blockchain within their organization, while 77% reported they had no interest in implementing blockchain technology.
However, things are changing now. Businesses across most sectors are increasing their investments in this technology.
According to Gartner, 33% of banking and investment services CIOs have said that they either have or are planning to adopt some form of blockchain technology within the next two years. When compared to last year, banking and investment services industries are increasingly seeking to adopt blockchain technology to improve old processes and operations.
“We also expect continued developments in the creation and acceptance of digital tokens. However considerable work needs to be completed in nontechnology-related activities,” Furlonger added in a statement.
Across gaming platforms, the research analyst noted that the blockchain is deploying solutions that allow users to create tokens for themselves to support the design of competition. The tokens provide gamers more control over their in-game items and improve portability.
In retail, blockchain is being used for tracking and tracing of services, counterfeit prevention, inventory management and auditing.
Gartner believes that the real impact of blockchain will be the most when combined with the artificial intelligence (AI) and Internet of Things (IoT).
The report considers that the blockchain technology has enough potential to transform business models across different industries. It is important for CIOs to adopt the blockchain ecosystems. Most of the businesses wouldn’t get the real business value if tokenization and decentralization are not used.