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Most CIOs not interested in “massively hyped” blockchain, finds Gartner

Despite the noise surrounding blockchain technology, not many CIOs are using it or planning to do so in the near future, finds Gartner

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.

“This year’s Gartner CIO survey provides factual evidence about the massively hyped state of blockchain adoption and deployment,” said David Furlonger, vice-president and Gartner fellow.

“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.

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Blockchain was created not from the financial world, but the world of dealing with the realities that came out of the 1989 economic downturn. Using a sustainability blockchain to help stop creating waste and make it easy to be accountable. By being able to run a real-time budget. So managers would actually have to justify why they were about to spend something that really did not need to be spent due to an old 20th-century approach to budgeting.
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