Where is Blockchain heading?- Gartner Forecasts

• Blockchain, also known as the distributed ledger, has been the foundation of one of the significant technologies that are the cryptocurrency.
• Blockchain has well accepted as a growing technology amongst the people, and the further potential of the technology keeps unleashed every day.
• The technology of the Blockchain also has led to the concepts of cryptocurrency mining and initial coin offerings (ICO).

We live in an era where technology has seen an enormous boom. Everything has been improving every day, and one such technology that has the power to drive the future is ‘Blockchain.’

Blockchain, also known as the distributed ledger, has been the foundation of one of the significant technologies that are the cryptocurrency. Blockchain has well accepted as a growing technology amongst the people, and the further potential of the technology keeps unleashed every day.

In terms of the cryptos, Bitcoin and Ethereum, which have emerged as two of the significant digital assets of the world, have seen immense growth in their prices. The technology of the Blockchain also has led to the concepts of cryptocurrency mining and initial coin offerings (ICO).

Now, if we try to have an insight into the ledger technology, though having proved it’s worth, it has yet not supported by the big organizations other than the financial institutions. Blockchain technology stands on three pillars, namely transparency, immutability, and decentralization.

These three features of this technology help us to ensure a belief of trust amongst the market. The chains in the blockchains cannot be changed; thus could be industries for manufacturing products and other services.

Unlike the earlier times, now many of the leading FMCG companies see this technology to be the technology of the future, but there are critics for the same.

One of the analysts, Gartner, says that as much as 80% of the supply chain blockchain initiatives would still won’t be developed entirely by 2022.

– Andrew Stevens, Senior Director Analyst of Gartner Supply Chain.

Steven, along with his team, has found that the banking and finance industry has exclusively targeted Blockchain to be one of the key features of the firms, but only to fail for the supply chains need to capture physical products and assets.

The firm also says,

Thus lastly, all we can say is that there needs to be more work done for the development of the technology. This technology has a lot to offer other than those developments in the financial sector, which can only be accessed by some support from giants.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.