The adoption of blockchain technology is still in its infancy

A study by Gartner Research shows that the adoption of blockchain technology and smart contracts will increase data quality by 50% in 3 years.

However, data availability will decline over the same period due to blockchain technology replacing traditional business processes. By initiating smart contracts and eliminating access to available data, they would eliminate the third part of the transaction.

“When an organization adopts blockchain smart contracts, whether externally imposed or voluntarily adopted, they benefit from the associated increase in data quality,”

said Lydia Clougherty Jones, chief research officer at Gartner.

“This variable could leave participants in a worse position than if they did not adopt the new technology. As such, the overall availability of an organization’s data assets would decrease by 30% by 2023, ”

Jones added.

The adoption of blockchain technology is just beginning

The report “Forecasts 2020: Strategies and data analysis – Investments, Influence and Impact” was published this week. The analysis reveals that smart contract technology is still in its infancy and is being adopted very slowly by globalized organizations.

However, the net impact is a positive outcome for data and investment return (ROI), the report noted.

Smart contracts are programs or protocols that operate on a blockchain. They facilitate, verify or execute the business processes triggered by events. It also manages chain transactions or interactions with other smart contracts.

According to the survey conducted by Gartner in 2018, the most successful data and analytics companies have adopted blockchain and smart contracts to “improve and stimulate the success of data programs”.