Get ready for blockchain’s big business breakout

From financial services to agriculture and non-profits, several organizations are betting on the digital ledger technology as the future for facilitating and verifying business transactions.

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For all the hype, blockchain has yet to go mainstream in the enterprise. That may well change this year as the technology's reputation for trusted transactions continues to grow among IT leaders.

Blockchain is a shared digital ledger for recording transactions. Each transaction among participants in a network is tucked into a record known as a block that is digitally signed to ensure its authenticity and create consensus about the state of transactions at any given second. What has CIOs excited about blockchain is its ability to scale across an enterprise, offering a network effect of digital trust.

For example, every stakeholder in a blockchain-supported supply-chain network receives a copy of the existing authenticated ledger. If an event impacts the supply chain, every party can be assured that what the digital ledger says happened actually happened.

Despite blockchain’s potential, only 1 percent of CIOs are adopting the technology within their organizations, and only 8 percent are in short-term planning or active experimentation with blockchain, according to Gartner's 2018 CIO Survey. Moreover, 77 percent of CIOs surveyed said their organization has no interest in the technology and/or no action planned to investigate or develop it. 

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