Information technology service management giant Gartner foresees blockchain becoming transformative for most industries within 10 years.
Gartner made its remarks in the press release accompanying its 2019 Hype Cycle for Blockchain research, published on Sept 12.
“Some level” of blockchain adoption in the next 3 years: CIOs
The Hype Cycle report tries to provide “an overview of how blockchain capabilities are evolving from a business perspective and maturity across different industries.”
Research vice-president at Gartner David Furlonger said:
“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.
Blockchain adoption in multiple industries
Per the release, nearly 18% of banking and investment services CIOs say that they have adopted or plan to employ some form of blockchain technology within the next 12 months. However considerable work needs to be completed in nontechnology-related fields.”
Gartner also notes that the blockchain industry is seeing the deployment of solutions allowing “users to create their own tokens to support the design of competition as well as to enable trading of virtual goods.”
Another Gartner research executive Christophe Uzureau noted:
“High user volumes and rapid innovation make the gaming sector a testing ground for innovative application of blockchain. It is the perfect place to monitor how users push the adaptability of the most critical components of blockchain: decentralization and tokenization.”
Lastly, Gartner reports that blockchain is being used in retail for tracking and tracing services, counterfeit protection, inventory management and auditing.
Tokenization and decentralization are key
Lastly, the report notes that blockchain can transform business models across all industries, but only if businesses adopt complete blockchain ecosystems.
As Cointelegraph recently reported, according to recent research the blockchain devices market is expected to grow by 42.5% at a compound annual growth rate by 2024.
