Gartner, Inc. highlighted the top strategic technology trends that organizations need to explore in 2020. The company defines a strategic technology trend as one with substantial disruptive potential that is beginning to break out of an emerging state into broader impact and use, or which is rapidly growing with a high degree of volatility reaching tipping points over the next five years.
About Blockchain, which is one of these technologies, Gartner says that it has the potential to reshape industries by enabling trust, providing transparency and enabling value exchange across business ecosystems, potentially lowering costs, reducing transaction settlement times and improving cash flow.
Assets can be traced to their origin, significantly reducing the opportunities for substitutions with counterfeit goods. Asset tracking also has value in other areas, such as tracing food across a supply chain to more easily identify the origin of contamination or track individual parts to assist in product recalls.
Another area in which blockchain has potential is identity management. Smart contracts can be programmed into the blockchain where events can trigger actions; for example, payment is released when goods are received.
“Blockchain remains immature for enterprise deployments due to a range of technical issues including poor scalability and interoperability. Despite these challenges, the significant potential for disruption and revenue generation means organizations should begin evaluating blockchain, even if they don’t anticipate aggressive adoption of the technologies in the near term,” said Mr. Burke.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”