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Just 1% of CIOs are doing blockchain projects and only 8% are either planning to do so in the short term or experimenting with the technology now, according to Gartner research.
Blockchain has its roots in the finance sector as the distributed ledger technology that underpins bitcoin, but there are wide reports of its adoption in other sectors, from logistics to community-based organisations.
But the actual numbers of blockchain projects are lower than the noise surrounding the technology suggests, according to Gartner. It also found that more than three-quarters (77%) said their organisation has no interest or plan to investigate or develop blockchain-based services.
“It is critical to understand what blockchain is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow.
“Rushing into blockchain deployments could lead organisations to significant problems of failed innovation, wasted investment, rash decisions and even rejection of a game-changing technology.
“The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow. Qualified engineers may be cautious due to the historically libertarian and maverick nature of the blockchain developer community.”
Gartner said CIOs from telecom, insurance and financial services are more actively involved in blockchain planning and experimentation than CIOs from other industries.
Financial services and insurance companies are at the forefront, added Gartner, with the transportation, government and utilities sectors are now becoming more engaged due to the heavy focus on process efficiency, supply chain and logistics opportunities.
Read more about blockchain and its application
- In this e-guide, read about how blockchain’s inherent security makes it tamper-proof, and perfect for keeping and sharing records for transactions in many scenarios.
- Dubai government is introducing a biometric border checking system that uses blockchain to ensure sensitive data can only be seen by the digital passport holder and the relevant authorities.
- Artificial intelligence and blockchain initiatives are earmarked for a doubling of investment, finds the Computer Weekly/TechTarget IT Priorities survey for 2018.
- By reducing the cost of peer-to-peer data and resource transfer, blockchain can remove the need for third parties and middlemen across industries.