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The blockchain ecosystem is an interesting one to study in isolation. It is a technology that is nearly 11 years old now, however, its uptake, advancement, and adoption has only started taking off in the last three or four years.

Even more interesting to note is that Blockchain and its associated token economy, through cryptocurrencies, have been working independently and independently of each other in regards to adoption and advancement.

The blockchain technology underlying the cryptocurrency market has been seen as a hugely disruptive technology that can impact a number of sectors and can potentially revolutionize entire areas. The same can be said about the cryptocurrency ecosystem, but within the financial space. 

In recent times, the blockchain technology space has also come back into style after the cryptocurrency aspect led the entire ecosystem into the mainstream it all began with Bitcoin gaining attention as an asset that was making huge gains as an investable asset. When this speculative bubble formed, and then popped, blockchain was given time to mature and be examined. 

During this examination, the adoption was coming from institutions and corporations who saw that the technology had the power to help their business efficiencies. Now, there are banks, governments, corporations and massive businesses all looking to use blockchain.

Because of this history, the prediction now coming from Gartner is that blockchain technology will revolutionize and transform most industries in the next 10 years. 

Blockchain seen all over in three years

In fact, the way things are going Gartner is seeing that Blocckhain will actually start permeating across most industries in the next three years. In its report, called the Hype Cycle, they are predicting a quick maturation.

The Hype Cycle report tries to provide “an overview of how blockchain capabilities are evolving from a business perspective and maturity across different industries,” it is explained.  

Research vice-president at Gartner David Furlonger said:

“Even though they are still uncertain of the impact blockchain will have on their businesses, 60% of CIOs in the Gartner 2019 CIO Agenda Survey said that they expected some level of adoption of blockchain technologies in the next three years. However, the existing digital infrastructure of organizations and the lack of clear blockchain governance are limiting CIOs from getting full value with blockchain.”

This data shows how the market changed when compared with the results of the survey that Gartner published in May last year when only 66% of chief information officers (CIOs) knew about blockchain but only 22% planned on using it.

This integration is also set to take on a number of different sectors, but one key area already on the up is of course banking and finance, because of the associated cryptocurrency space. 

It says in the release that nearly 18% of banking and investment services CIOs say that they have adopted or plan to employ some form of blockchain technology within the next 12 months. Another 15% plans to do so in the next two years. 

Furlonger commented:

“We see blockchain in several key areas in banking and investment services, primarily focused on permissioned ledgers. [...] We also expect continued developments in the creation and acceptance of digital tokens. However considerable work needs to be completed in non technology-related fields.”

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