Bitcoin may fall, but blockchain will evolve beyond finance: Gartner

Technology research group Gartner says that blockchain, the software platform for digital assets, is still a very immature and largely untested technology that will continue to evolve beyond cryptocurrencies.

Speaking at the annual Gartner Symposium/ITxpo in Cape Town on Tuesday, Peter Sondergaard, executive VP: research at Gartner said that while cryptocurrencies like Bitcoin may or may not fall, the underlying blockchain technology will continue to evolve beyond the financial sector.

Blockchain technology is taking the world by storm due to the recent interest generated around cryptocurrencies including Bitcoin.

Nick Jones, a VP and Gartner analyst said that blockchain today is still a very immature technology, adding that as it matures, he expects it to have a major impact on the Internet of Things (IoT).

He said that the two platforms have many overlapping ecosystems – most notably that participants need a trusted point for digital distribution: secure information exchange.

However, he warned that blockchain “is amazingly immature that this point in time,” warning that this creates many risks.

“New variants of blockchain will emerge, none have been seriously tested because they have not been around for a long period of time,” Jones said, adding that crypto technology will be ‘crackable’ in the future.

As such, he said that companies should consider using the technology for ‘short lived’ applications, and not long term ones.

Read: Bitcoin and other cryptocurrencies are still too risky – Reserve Bank

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Bitcoin may fall, but blockchain will evolve beyond finance: Gartner