Blockchain Tech Will Transform Major Industries Within 10 Years: Gartner Hype Cycle Survey
The blockchain technology is certainly bringing a revolution to the financial world. What some people don’t know, however, is that several other industries are bound to be affected as well. Gartner, a giant of the information technology area, has recently affirmed that the blockchain will change most industries within 10 years.
These remarks were made on a press release that talked about its newest research: 2019 Hype Cycle. The report tries to explain how the blockchain is changing business all over the world.
According to David Furlonger, the vice president of research at Gartner, 60% of all CIOs in the survey expected to adopt the technology despite not knowing what impact it will have. However, the lack of governance is still one of the main issues that are still preventing them from achieving the potential of the technology.
18% of all the banking-related companies plan to adopt the blockchain within the 12 next months or already have done it. Other 15% plan to do it within the next two years.
Furlonger affirmed that the financial industry is already adopting the technology at quite a quick pace. However, other non-financial industries are still needing more efforts before they can be able to use the technology properly as well.
To Gartner, the key to the success of the blockchain is tokenization and decentralization. Several industries could decentralize by adopting this kind of technology and see real business value from these decisions. The authors of the study believe that only a few industries do not benefit from the technology and that the market will grow 42% annually until 2024.