Deployment of Blockchain Across the Financial Ecosystem Still at Least Three Years Behind
September 16th marks the kickoff of the Gartner IT Symposium/Xpo 2019 in Cape Town, South Africa, with Blockchain being one of the technologies that this event plans to tackle, there is also a major interest in how this technology will be affecting certain industries in the coming years.
With increasing interest in Blockchain, the firm is looking at the technology with emphasis on its relationship with the financial services ecosystem. With considerations to the fact that the absence of interoperability would hamper the successful penetration of Blockchain into the mainstream of the financial services ecosystem, this would take at least three years.
“Blockchain standards for financial services companies are currently fragmented and immature,” says Fabio Chesini, senior research director at Gartner.
“We are three to five years until standards mature and settle,” Chesini highlights.
According to the firm these standards are very necessary for organizations that offer financial services, this is because they are responsible and constantly in the position of moving assets clients, partners, and other financial institutions.
“Today, bank CIOs can choose from numerous blockchains, available from either enterprise-grade approaches such as Corda, Hyperledger, and Digital Asset, or the many public blockchain standards like Bitcoin, Ethereum, Cardano, EOS, and Tezos,” Chesini pointed out.
However, crucial interoperability might be, it might be difficult to pull off since most cryptocurrencies use various implementations, data formats, data interchange, and directories.
Lastly, interoperability will be both crucial and difficult to pull off, as most cryptocurrencies use differing implementations, data formats, data interchange, and directories.
Image via Linkedin