The majority of businesses do not have immediate plans to or interest in adopting blockchain technology, a new survey by advisory firm Gartner has shown.
According to the company’s 2018 CIO Survey, which gathered data from over 3,000 chief information officers in 98 countries, only 1% of respondents said their companies were already using blockchain technology. Additionally, 8% were in short-term planning or active experimentation with blockchain, while 14% had “medium- or long-term” plans to implement the technology.
Meanwhile, 43% of CIOs surveyed indicated that they were aware of blockchain, but they had no plans for adoption and 34% of respondents said that they had no interest in the technology.
“This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment,” said Gartner vice president David Furlonger. “It is critical to understand what blockchain is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow."
Furlonger added that rushing into blockchain deployments could lead organisations to significant problems “failed innovation, wasted investment, rash decisions and even rejection of a game-changing technology”.
The survey also provides insight into the challenges that blockchain adoption presents. Among the 293 CIOs whose organisations are in short-term planning or have already invested in blockchain initiatives, 23% said that blockchain requires the most new skills to implement of any technology area, while 18% highlighted how difficult it is to find blockchain talent. A further 14 percent indicated that blockchain requires the greatest change in the culture of the IT department, and 13 percent believed that the structure of the IT department had to change in order to implement blockchain.
“The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow,” Furlonger said. “Qualified engineers may be cautious due to the historically libertarian and maverick nature of the blockchain developer community.”