Gartner sees blockchain as ‘transformational’ across industries – in 5 to 10 years

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Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least, expects the distributed ledger technology to transform the ways businesses operate in most industries within five to 10 years.

Right now, however, blockchain for most industries remains mired between inflated industry expectations and general disillusionment with regard to how it can improve business processes, according Gartner’s latest “Hype Cycle” report.

The report was released at the firm’s annual IT Symposium/Xpo 2019 conference, which took place this week. At the conference, CIOs were surveyed about how they perceive blockchain technology.

“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, a Gartner distinguished research vice president, 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.”

Gartner’s annual survey of CIOs was conducted from April through June and had 3,102 respondents from 89 countries and across major industries, including manufacturing, government, professional services, banking, energy/utilities, education, insurance, retail, healthcare, transportation, communications and media.

Last year, a Gartner CIO survey revealed on average that only 3.3% of companies worldwide had actually deployed blockchain in a production environment.

Copyright © 2019 IDG Communications, Inc.