Blockchain Will Revolutionize Most Industries Within A Decade: Gartner

September 19, 2019 / by Mike Torres

Gartner, the IT service management company, foresees blockchain taking over most industries within the next 10 years.

Gartner expressed these thoughts through a press release that was accompanied by its Hype Cycle for Blockchain research 2019, published on September 12th.

This Hype Cycle report from Gartner gives “an overview of how blockchain capabilities are evolving from a business perspective and maturity across different industries.”

David Furlonger, Gartner’s research vice-president, 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. However, the existing digital infrastructure of organizations and the lack of clear blockchain governance are limiting CIOs from getting full value with blockchain.”

The data reflects the market changes in comparison to the survey results which Gartner published back in May 2018 when just 66% of CIOs had the idea of blockchain and only 22% of them were planning to use it.

According to the press release, around 18 percent of CIOs who belong to banking and investment services say they’ve either adopted blockchain technology or are planning to do so in a year. There’s another 15 percent who plan on doing so within the next couple of years.

“We see blockchain in several key areas in banking and investment services, primarily focused on permissioned ledgers. […] We also expect continued developments in the creation and acceptance of digital tokens. However, considerable work needs to be completed in non-technology-related fields,” Furlonger commented.

Gartner also points to the solutions being deployed in the blockchain industry that allow “users to create their own tokens to support the design of competition as well as to enable trading of virtual goods.”

Another research executive from Gartner Christophe Uzureau said:

“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.”

Finally, Gartner mentions that retail markets are also using blockchain to track and trace services, manage inventory, auditing, and counterfeit protection. Still, the report says that it will only reach its full potential when blockchain is being used in combination with artificial intelligence and IoT.

The report also notes that blockchain has the potential to transform various business models being implemented in all the industries, but that will only happen if businesses go for entire blockchain ecosystems. It concludes:

“Without tokenization and decentralization, most industries will not see real business value.”