Gartner Blockchain Report: Smart Contracts To Boost Data Quality by 50% In 3 Years

  • Research shows that blockchain technology will increase overall data quality by over 50% in the next three years.
  • However, the overall data availability to organizations in various sectors of the economy will dip by 30% or more by 2023.

In a new report, “Predicts 2020: Data and Analytics Strategies — Invest, Influence and Impact” by Gartner Inc., a global research and advisory firm, the overall data accuracy and quality is set to boost by 50% in the next three years due to blockchain technology adoption. Companies that adopt blockchain smart contracts will however have to do with less data as the middle men (third party data collectors) get annihilated from the P2P system.

According to the pay-walled article, companies that adopt blockchain technology and transact using smart contracts are set to improve their data quality by 50% by 2023. Lydia Clougherty, senior researcher at the firm sees the adoption of blockchain as a key differentiating factor in all businesses and organizations as she wrote in a recent blog,

“When an organization adopts blockchain smart contracts, whether externally imposed or voluntarily adopted, they benefit from the associated increase in data quality.”

A (net positive) tradeoff?

The report however warns on the reduced availability of data as the companies that acted as middlemen to collect and sell the data are cut off by peer to peer blockchain systems. In the next three years over 30% of the data available to companies will be cut off according to the report as these companies are cut off. Is this a healthy tradeoff?

Well, according to the report, the net effect is positive for data analysts and researchers who despite losing the ease of data collection will see their return on investment rise steadily as adoption rises. However, the smart contract technology is still way behind in adoption as the report states and a lot is yet to be done to increase global adoption.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,485FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today