Blockchain is evolving across industries, accelerating from a digital currency infrastructure into a digital transformation platform. A new Gartner report reveals the practicalities, efficiencies, readiness, and integration of use for executives.
Acceleration is occurring everywhere, with blockchain technology increasingly in use by companies worldwide. While there are both opportunities and challenges, CIOs and executives should inform themselves of the awareness involved in developing and expanding digital business. Gartner’s report “Blockchain + WAN Edge = Leading the Digital Transformation” provides insight into the practical realities facing business leaders, adopters, and developers of blockchain.
According to the Gartner report, “Business leaders should take caution when anticipating blockchain in regard to its evolution and ability to become a game-changer.” Gartner also highlighted uncertainty, legality, legitimacy, and a confusing set of messaging from vendors and promoters as concerns.
The report also cited board-level insights on the extent to which digital currencies and blockchain represent opportunities and risks: blockchain opportunity – 36%, Bitcoin opportunity – 43%, Bitcoin risk – 12%, and blockchain risk – 21%. In total, the executives perceive them to be 54% opportunities; 28% risks; and 11% mixed.
“Many boards of directors will call upon their CIOs to brief them on blockchain due to the current market hype. CIOs should focus on three main points: a description of blockchain, frictionless markets, and the cross-industry business impacts of a programmable economy,” according to Gartner. “By 2022, at least one innovative business built on blockchain technology will be worth $10 billion.”
Accelerating digital currency infrastructure to transformation platform
The report went on to consider the role of wide-area networks (WAN) in cloud digital transformation as it relates to blockchain infrastructure and business agility. Experts see agility as a top priority for business leaders, making WAN for the enterprise even more pressured to meet expectations to satisfy application usage as change occurs rapidly.
Gartner also noted, “CIOs should undertake a ‘SWOT’ and digital readiness assessment to ensure that the organization is capable of adopting radical changes to its business model, processes, appetite for risk, and existing technologies.”
It is important to remember how immature blockchain technology still is. For executives, it is crucial to use the technology in the best way possible. According to Gartner, usage of immature technology such as blockchain means that executives and their peers are considered pioneers of a sort. “Just like any pioneers, executives must realize they are entering a world where new rules, new risks, and new opportunities can be found.”
In conclusion, the potential for businesses is significant to develop flexible digital blockchain platforms. It is a challenge to get up to speed. In the next 10 years, blockchain platform selection will have a significant role in setting the tone in dominating the future. In the 21st century, executives should focus on having an agile and smart flexible infrastructure on a blockchain.
Learn more about how The Blockchain Solution is evolving from a digital currency infrastructure into a digital transformation platform.