Global blockchain adoption sluggish: survey
Only one in one hundred chief information officers have realized blockchain solutions for their business.
Despite a $400 billion cryptocurrency market capitalization, significant technological developments and dynamic new business partnerships, the interest in and appropriation of distributed ledger technology (DLT) remains exceptionally low among corporations’ digital strategy professionals, according to the latest survey.
Research firm Gartner released findings from its 2018 chief information officer (CIO) survey, revealing that only 1% of those interviewed had embraced and deployed DLT or blockchain technology within their company.
The survey also found that less than one in ten (8%) CIOs were in short-term planning or actively experimenting with blockchain, while the overwhelming majority (77%) of information officers declared that their organizations had no interest in the technology and/or no action planned to scrutinize or consider it.
The following chart represents global organizations’ plans for blockchain development and potential adoption.
The survey recorded answers from over 3,100 global CIOs and did not include “don’t know” responses.
Of the small proportion of organizations’ CIOs that are planning to invest in or already use blockchain tech, almost one quarter (23%) said that implementation requires the most new skills of any technology sector. Around one fifth (18%) of respondents stated that these blockchain skills were incredibly difficult to source.
Additionally, the culture (14%) and structure (13%) of IT departments must change for proper implementation.
Gartner’s research indicates that CIOs that work for telecom, insurance and financial services businesses are more actively involved in blockchain enterprises and developments than those working in other industries.
There is much potential for blockchain technology to reduce the costs and complexities associated with the insurance industry over the long term, according to the latest special report published by Fitch Ratings.
Last month, Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) completed the world’s first corporate loan transaction using blockchain technology, eliminating many complexities and providing a transparent process.
Furthermore, desire for improved efficiency is encouraging governments and utility providers to trial new tech.
Blockchain or distributed ledger technology (DLT) is a digital register that records cryptocurrency transactions. It provides complete transparency and is secure because no-one can tamper with the transaction history. Without the blockchain, digital currencies like bitcoin, Ethereum and Ripple wouldn’t be possible.
Last week, a South Korean developer recorded the historical Korean peace declaration on the blockchain.
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