Blockchain, the seventh trend on Gartner’s top 10 tech trends list, is a fairly new technology that holds major potential. Although blockchain is only in its beginning stages, businesses across all industries are delving into it.
In a nutshell, blockchain is a series of blocks linked together in a chain, with each one storing records of economic transactions. With blockchain, people can make transactions globally without any reliance on a central authority. According to Gartner, blockchain is quite promising when it comes to trust, transparency, reducing costs, improving business ecosystems and the way industries operate.
”Current blockchain technologies and concepts are immature, poorly understood and unproven in mission-critical, at-scale business operations. This is particularly so with the complex elements that support more sophisticated scenarios,” said David Cearley, vice president and Gartner Fellow. “Despite the challenges, the significant potential for disruption means CIOs and IT leaders should begin evaluating blockchain, even if they don’t aggressively adopt the technologies in the next few years.”