Yesterday, Gartner
published the ‘
Blockchain Spectrum’, its prediction for the evolution of blockchain in four phases. Today, we are in the latter part of the second phase, ‘blockchain-inspired’, which has yet to unlock the technology’s full potential. The leading advisory firm emphasizes its business value but warns of possible missteps made by firms using an unsuitable strategy.
“The evolution of blockchain cannot be ignored,” said Gartner’s VP of research David Furlonger. He and fellow research VP Christophe Uzureau authored the book, ‘The Real Business of Blockchain: How Leaders Can Create Value in a New Digital Age’, which they presented yesterday. The blockchain spectrum is utilized as an analytical tool.
Broadly, Gartner defines blockchain as having five elements (pictured): encryption, immutability, tokenization, decentralization, and distribution. According to the firm’s analysis, enterprise won’t make use of all five until the 2020s, when the third phase begins. These spectrum phases are:
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