If Blockchain is the Future, Why Does Most of the World’s Executives Ignore It?
Patrick Byrne is just one of the many executives who lead the future development of the blockchain. His identity is the CEO of Overstock, a well-known technology company.
“The next decade we will see a major breakthrough in the Internet. Blockchain will reshape dozens of industries, including capital markets and Wall Street.” he told PC Mag.
However, a new Gartner survey shows that Byrne is a minority.
Of the 3,138 CIOs (CIOs) surveyed globally, only 1% use blockchain technology. Only 22% said they plan to use blockchain technology in the future.
These survey data reflect the “large-scale promotion of blockchains” Gartner vice president and researcher David Furlonger said.
No one is warning that breaking into the blockchain may lead to innovation failures, wasted investment, discretionary decisions, and other “major” issues.
Furlonger said: “Compared to tomorrow’s change of company, industry and society, understanding what a blockchain is and its capabilities today is critical.”
“The challenge for CIOs is not only to find and retain qualified engineers. It is also necessary to find enough resources to adapt to the growth of resources as the blockchain grows.”
He added that due to the historical liberalism and unique nature of the blockchain developer community, qualified engineers may hesitate.
Some industries appear to be more reluctant to accept this technology than others. Byrne pointed out that Wall Street is a place that is more willing to embrace change. Survey data also confirms this. CIOs from the financial services industry said that they are more involved in blockchain planning and experimentation than others.
“Although many industries have shown that they are most interested in the blockchain initiative.”
“Whether they will accept distributed, tagged networks or try to introduce blockchain into traditional value streams and systems,” said Furlonger.
It remains to be seen.