Blockchain is a fashionable topic to discuss. Not surprising as the Fourth Industrial Revolution is here, and blockchain adoption is a part of it
"According to the World Economic Forum's 2018 report, 10% of global GDP will be registered on blockchain-based systems by 2025. Impressive, isn't it?
An increasing number of startups and some large enterprises are testing the waters of blockchain. Banks and shipping companies are among them. Some governments work on blockchain integration as well.
Yet, the innovative distributed ledger technology that promises to bring transparency and traceability into any business processes has already encountered many barriers on its way to adoption..."
While blockchain's ability to secure data is attractive, the technology also requires data-intensive computation and adequate storage for unstructured documents and records
"By 2025, public blockchain will provide a core interoperable foundation for global decentralised identity management," Gartner analyst David Furlonger wrote in ComputerWeekly.com.
"That gives governments opportunities to use the developing technology to secure elections, document humanitarian aid and social services to refuges and homeless populations and streamline decentralized, multiparty transactions and manage records.
While blockchain's ability to secure data is attractive, the technology also requires data-intensive computation and adequate storage for unstructured documents and records, Furlonger said..."
Distributed ledgers are not just limited to finance and smart contracts. Gartner explores how blockchain can tackle government inefficiencies
"Blockchain technology continues to gather intense interest in all industries, particularly the public sector. That being said, initial enthusiasm for blockchain has begun to dwindle, replaced with a greater sense of realism informed by better understanding of the technology.
In 2018, two-thirds of governments were actively interested in blockchain, and 10% of governments were actually applying it. Now, in 2019, that picture looks somewhat different. While investing and deploying blockchain understandably grew (from 1% to 2%), active experimentation dropped (from 9% to 5%)..."
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