Gartner Inc., the world’s leading research and advisory company, predicts that by 2023, organizations using blockchain smart contracts will increase overall data quality by 50 percent, and trim data availability by 30 percent.
The net impact is a positive result for data and analytics (D&A) Return on Investment (ROI). The impact of blockchain smart contract adoption on analytical decision making is profound. Gartner noted in a press release that blockchain enhances transparency, speed and granularity of decision making. It also improves the quality of decision making, as its continuous verification makes the data more accurate, reliable and trustworthy.
Governance frameworks for blockchain participation, or the terms and conditions within the smart contract, can dictate the availability of the data generated from the smart contract transaction, from none to limited to unlimited.
“This variable could leave participants in a worse position than if they did not participate in the blockchain smart contract process. As such, an organization’s overall data asset availability would decrease by 30% by 2023,” added Ms. Clougherty Jones.
“When an organization adopts blockchain smart contracts — whether externally imposed or voluntarily adopted — they benefit from the associated increase in data quality, which will increase by 50 percent by 2023,” said Lydia Clougherty Jones, senior research director at Gartner.
Gartner analysts recommend D&A leaders pilot blockchain smart contracts now. Organizations should start deploying them to automate a simple business process, such as non-sensitive data distribution or a simple contract formation for contract performance or management purposes. Then organizations should engage with their affiliates and partners to pilot blockchain smart contracts to automate multiparty contracts within a well-defined ecosystem, such as banking and finance, real estate, insurance, utilities, and entertainment.
“Smart contracts are important and D&A leaders should focus on them because they promise a near certainty of trusted exchange. Once deployed, blockchain smart contracts are immutable and irrevocable through nonmodifiable code, which enforces a binding commitment to do or not do something in the future. Moreover, they eliminate third-party intermediaries (e.g., bankers, escrow agents, and lawyers) and their fees, as smart contracts, perform the intermediary functions automatically,” said Ms. Clougherty Jones.
Gartner clients can learn more in the reports “Predicts 2020: Data and Analytics Strategies — Invest, Influence and Impact” and in “Data and Analytics Leaders Need to Focus on Blockchain Smart Contracts Now.”
Learn more about Gartner’s 2020 Predictions in the Special Report “Predicts 2020: Barriers Fall as Technology Adoption Grows.”
Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summits 2020, taking place February 17-18 in Sydney, March 9-11 in London, March 23- 26 in Grapevine, May 19-20 in Sao Paulo, May 26-28 in Tokyo, June 8-9 in Mumbai, June 15-16 in Geneva, and October 27-28 in Frankfurt. Follow news and updates from the events on Twitter using #GartnerDA.
- Scottish Blockchain Company Hypervine Signs with European Space Agency Data To Improve Efficiency And Transparency For The World’s Mining Industry - February 22, 2020
- Loyyal Signs Three Year Production Agreement with The Emirates Group for Use of Blockchain Loyalty and Rewards Platform - February 21, 2020
- Enjin Platform Enables Game Developers to Integrate Blockchain Assets Without Blockchain Coding Experience - February 18, 2020
- Blockchain Project Cashaa Protecting Crypto Companies to Survive Fifth Money Laundering Directive and New FCA Rules in 2020 - February 8, 2020
- US SEC Boss Hester Peirce Suggests Three Year “Safe Harbour Period” For Token Sales - February 6, 2020
- China’s Hyperchain Plans to Take on Coronavirus With Blockchain-Fueled Donation Platform - February 6, 2020
- Blockstack Proposes Using Bitcoin, Novel ‘Proof of Transfer’ To Accelerate A Truly User-Owned Web 3.0 - February 6, 2020
- Hack Blockchain To The MAX! €15.000 Prizepool at MAXathon in Berlin April 18-19, 2020 - February 6, 2020
- Chiliz And Enjin To Launch Blockchain Collectibles Using NFTs For The Likes of Juventus, Paris Saint-Germain, Atlético de Madrid and West Ham - February 6, 2020
- MIT Researchers Claim to Boost Bitcoin and Cryptocurrency Blockchain Transactions By 4x with New ‘Spider’ Routing Scheme - February 4, 2020
- Canada’s Blockchain Intelligence Group Signs USD$540,000 Contract with United States Feds - February 4, 2020
- The United States Marshals Services to Auction 4,040.54069820 Bitcoin – USD$37 Million - February 4, 2020
- OpenLegacy Project Gets $20m Strategic Investment from Japan’s SBI Holdings – Focus on Blockchain - February 4, 2020
- Fastest Growing and Highest Revenue Mobile Messenger App in the World, Japan’s LINE to Launch LINK Cryptocurrency - February 3, 2020
- Insolar to Launch MainNet on February 3, 2020 – Debuts Insolar’s New XNS Token - February 3, 2020
- Blockchain-Based Social Media App Vid with VI Tokens – To Launch April 1, 2020 – After VC $10 million USD Investment in 2019 - February 3, 2020
- UK FCA Licenses BCB Group as First Crypto Company to be Regulated as Authorised Payment Institution - January 31, 2020
- Virgil Griffith Pleads Innocent in Blockchain North Korea Event Case – Faces Up To 20 Years in Prison if Convicted - January 31, 2020
- University College London Centre for Blockchain Technologies Releases New Report on Supply Chains - January 31, 2020
- World’s Leading Research and Advisory Company Gartner Says Blockchain Smart Contracts Can Increase Corporate Overall Data Quality by 50 Percent - January 31, 2020
Also published on Medium.