IT consultant Gartner: Blockchain industry is in need of all-embracing Standards

The latest report of the IT consultant Gartner, according to the applications before the breakthrough of the Blockchain is still some hurdle. Although the banks and the financial sector already ripe for the use of the new technologies. Thus, such a use can nationwide be successful, need it in the future, however, common Standards. Such, however, was to the hour for years.

By David Barkhausen
18. September 2019BTC$10.161,50 -0.63%part Facebook Twitter LinkedIn xing mail

it is Believed to observers, will be hardly a sector of the economy from the impact of technological innovation in such a measure affected, as the banks and the financial sector. Here the commitment in the development of new technologies is concentrated. Whether you are a Start-up, FinTech or Bank – nearly all financial providers have a Blockchain strategy in the back of your hand or the potential of decentralized data. At the same time, companies such as R3 try to unite with their Bank's platform, Corda equal to as many market participants with a common Blockchain solutions.

A company that this Trend feels to the Tooth, is the US consulting and market research provider Gartner. In its annual Blockchain-Hype-Cycle report, the analysts take the development progress of the technologies across the industry under the magnifying glass. To that Hype and reality are really far apart, this sobering result of their recent study.

Without Standards, it is no breakthrough in the financial sector

the banking sector is, in the opinion of the consultant, although, in fact, probably the most Mature application area for the nationwide use of the Blockchain. However, there is a lack of these days, especially on common Standards. These are, in turn, for the exchange of data between companies and institutions is necessary.

Currently, we see Blockchain [advances] in several key areas of banking and securities services, with a focus on Permissioned-Ledger solutions. In addition, we expect further progress in the development and acceptance of digital Token. In non-technology-related areas such as Standards in the regulatory framework and the organizational structure of the Blockchain functions, however, is still considerable work to [...] the technologies to reach the Mainstream,

warns Gartner Vice-President David Furlonger company to the foresight and cooperation.

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To the industry, however, appropriate guidelines would, it'll need a further three to five years, attesting to the report. Currently, appropriate initiatives to standardization were to be fragmented to.

For the next few years, you do not expect, therefore, "more than four or five" of such common Standards, underscore Gartner's head of Science, Fabio Chesini on the hour of the conference, meeting of the company in Cape town, South Africa. Particularly for the financial sector were voting standards and guidelines to be an important growth but factor.

[For the application of Blockchain technologies and cross-industry standards for Interoperability will be crucial,

he is sure.

in the Future, companies would have to ensure that your Blockchain-ran solutions with the same Software systems. Only the interoperability of different databases could be assured.

Gartner report: 60 percent of all companies want to Blockchain to use

Banking alone is not, however, long been the only sector of the economy, the perfecting of these days, the application of Blockchain-based solutions. As another crucial use areas, which would be already soon ready for use of decentralized technologies, the Blockchain-the Hype Cycle of Gartner in addition to the public administration in addition, the education and the insurance. Groundbreaking growth potential would be, meanwhile, in the gaming area, as well as in the retail trade.

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about 60 percent of the businesses surveyed, compared with the analysts ' arm in the coming years, Blockchain technology in your business to use. If the gap between Hype and reality will then be easier to bridge, remains a to be seen.

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