Blockchain to hit full power in 5 to 10 years

Good news for us Blockchain addicts?

Tech analyst house Gartner is a key opinion leader in tech since ages and I am dealing with them since 20 years around traditional tech clients, now they covered blockchain which is already a good sign in general. We all know the blockchain business is still in its infancy. However, the majority of CIOs expect the technology to profoundly change many industries in the near future.

CIOs believe in the importance of Blockchain

Now that the big hype surrounding the blockchain has gradually vanished in the course of the Bitcoin high altitude flight at the end of 2017, concrete approaches to solutions for the technology private business cloud are increasingly coming into focus. Nevertheless, many CIOs are still unaware of the impact the blockchain will have on their companies. The majority of IT decision-makers are convinced, however, that the technology will cause major upheavals in many industries in the near future.

According to the "Hype Cycle for Blockchain Business 2019" by Gartner 60 percent of CIOs expect their companies to introduce blockchain solutions in the next three years. However, the existing digital infrastructure of enterprises and the lack of clear blockchain governance prevent CIOs from realizing the full potential of the blockchain, still. It seems to bet essential for companies to acquire entire blockchain ecosystems in order to achieve significant added value.

Main Blockchain industries: Fintech, Gaming & Retail

Obviously the blockchain in the banking and securities services sector is expected to offer great potential for upheaval. However pioneering work still has to be done in the financial sector. For example, secure standards, legal frameworks and organisational structures must be created for blockchain solutions. Only when this basis has been established a broader acceptance in the industry can be expected.

Decentralization and tokenization

In gaming, the experts see the blockchain primarily as a solution with which players can exchange certain values and virtual goods via tokens. The tokens give players more control over their items in the game and make them more portable on all game platforms. Apart from Splinterlands here on our Steem blockchain in general gaming start-ups could use the technology to create attractive alternatives to the platforms of Amazon, Google or Apple - we know that!

One of my personal focus areas is within the retail business. Here the blockchain is seen by the majority as a solution for digital goods tracking, counterfeit prevention, inventory management and auditing. This makes it possible, for example, to determine the origin of food unambiguously or to ensure the quality of goods. However, according to Gartner, the true potential lies in linking Blockchain, AI and IoT to create new business models. Since the technology influences both data and money flows, the current trend towards centralisation of market power can also be counteracted.

Exciting times and let us hope the timing will be even shorter for a broader acceptance not only in the enterprise world.