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Gartner Forecasts Blockchain To Impact On Businesses

Gartner has published its 2019 “Hype Cycle for Blockchain Business”, proclaiming that the business impact of blockchain will be transformational across most industries within five to 10 years.

Gartner says banking and investment services industries are seeing significant levels of interest from innovators seeking to improve decades-old operations and processes.

Only 7.6 percent of respondents to its CIO Survey suggested blockchain is a game-changing technology, but 18 percent of banking and investment services CIOs said they have adopted, or will adopt, some form of blockchain technology within the next 12 months – and nearly another 15 percent within two years.

“In retail, blockchain is being considered for ‘track and trace’ services, counterfeit prevention, inventory management and auditing, any of which could be used to improve product quality or food safety, for example,” Gartner said.

“While these examples have value, the real impact of blockchain for retail industry will depend on supporting new ideas, such as using blockchain to transform or augment loyalty programs.

“Once it has been combined with IoT and AI, blockchain has the potential to change retail business models forever, impacting both data and monetary flows and avoiding centralisation of market power.”

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