Blockchain, or decentralized transaction management technology, is expected to impact the business activity of all industries within 5 to 10 years.
Blockchain project production deployments are still in the minority in companies. However, within 5 to 10 years, decentralized transaction management technology is expected to transform the business of most industries, Gartner predicts.
The information systems departments (DSI) are on the front line.
Thus, beyond the feasibility study (proof of concept), “60% of CIOs surveyed as part of the Gartner 2019 CIO Agenda Survey said they expected some level of adoption of blockchain technology over the course of the next three years, ”recalled David Furlonger, vice president of research at the research firm.
However, “the existing digital infrastructure” (Legacy IT) in organizations and the vagueness that still surrounds “the governance of the blockchain” hamper the room for maneuver of IS managers in this area, explained the analyst.
Despite everything, the situation is changing, especially in banking, retail and the video game industry, Gartner said, Hype Cycle supporting.
Bank, retail, video game
In banking and investment services, 33% of CIOs said they have or plan to adopt blockchain technology within the next two years.
In addition to the focus on authorized registries, Gartner expects “continued developments in the creation and acceptance of digital tokens,” said David Furlonger. Nevertheless, “there is still a lot to do in activities that are not related to technology,” he warned.
In retail, blockchain applications are primarily oriented towards monitoring, traceability, prevention of counterfeits, inventory management and auditing.
For Gartner, “when combined with the Internet of Things (IoT) andArtificial intelligence (AI), blockchain has the potential to permanently change retail business models. Both “data and monetary flows” will be impacted.
In the video game sector, blockchain technology should allow the ecosystem (suppliers and players) to create its own tokens for commercial purposes (virtual goods) and for portability between game platforms.
Globally, finally, blockchain is expected to have a business impact on business models across all industries. To take advantage of this, companies have an interest in negotiating the shift towards tokenization and decentralization as best they can.
(photo credit © shutterstock)
