Blockchain to have Transformational Impact Across Industries

Blockchain to have Transformational Impact Across Industries

The business impact of blockchain will be transformational across most industries within five to 10 years, according to a Gartner report on Thursday.

"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," David Furlonger, distinguished research vice-president at Gartner, said in a statement.

"However, the existing digital infrastructure of organizations and the lack of clear blockchain governance are limiting CIOs from getting full value with blockchain," he added.

Banking and investment services industries continue to experience significant levels of interest from innovators seeking to improve decades old operations and processes, however only 7.6 per cent of respondents to the CIO Survey suggested that blockchain is a game-changing technology.

In the fast-growing eSports industry, blockchain natives are launching solutions that allow users to create their own tokens to support the design of competition as well as to enable trading of virtual goods. The tokens provide gamers with more control over their in-game items making them more portable across gaming platforms.

In retail, blockchain is being considered for "track and trace" services, counterfeit prevention, inventory management and auditing, any of which could be used to improve product quality or food safety, for example.

Gartner believes that blockchain has the potential to transform business models across all industries - but these opportunities demand that enterprises adopt complete blockchain ecosystems.

Without tokenisation and decentralisation, most industries will not see real business value.

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Source: IANS