14.10.2019

Majority of Businesses Have No Plans for Blockchain, Gartner Finds

A new survey from research and advisory firm Gartner suggests that organizations are largely apathetic toward blockchain integration.

According to the results of the research, which queried chief information officers (CIOs) about their companies’ attitudes towards the technology, only 1 percent of CIOs indicated any kind of blockchain adoption within their organizations. Furthermore, just 8 percent said they were in short-term planning of experimentation with blockchain.

However, most notable may be the fact that 77 percent of CIOs surveyed said that they are not interested nor do they have plans to develop and deploy the technology.

According to Gartner VP David Furlonger the survey provides evidence on the “massively hyped state of blockchain adoption and deployment.”

Furlonger added,

“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.”

CIOs are more careful in approaching towards implementing blockchain tech. Twenty-three percent of CIO’s, among 293 that are in short-term planning, sees blockchain demanding for new skills to implement, while 18 percent said that blockchain skills are “difficult to find,” a release states. Rest believed that there should be a change in the structure of IT department for better blockchain implementation.

Furlonger further said that organizations could face significant problems of failed innovation, wasted investment, or rejection of a technology, when they rush into blockchain deployments. Blockchain requires understanding of fundamentals of its process, security law, value exchange, decentralized governance, he said.

He mentioned that there is a need for CIO’s to not just recruit qualified engineers, but also to finding enough to see 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,” he added.

Furlonger concluded,

“While many industries indicate an initial interest in blockchain initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems.”

Eraser image via Shutterstock

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