Session Takeaway: Nick Heudecker, Research VP with Gartner, speaking at the Gartner Data & Analytics Summit in Sydney in February. Nick provided a session on the misunderstanding, or the overwhelming hype, of blockchain technologies.
There is so many different dimensions to blockchain and how it can be applied to existing and new business models that there is going to be a lot of confusion for a very long time.
One of the things that is driving that confusion is the potential upside. An estimated $3.1 trillion business impact by 2030 – but there is a long way to go. Nick reports to have yet heard of a single production blockchain use case that has scale beyond four to five nodes that couldn’t easily be done with a centralised database.
What is blockchain? It is a distributed ledger. A way to introduce trust in an untrusted network of participants. This provides mechanisms that order transactions and so that double spending can’t occur. Blockchain is not a database per say but a linked list. Every transaction builds on the previous transaction, or block of transactions. Anything that can be digitised, be it a dollar, cryptocurrency or a photograph, the blockchain will record where it came from, who has handled it and who currently has it…Click here to read full article.