Gartner Inc., the world’s leading research and advisory company, predicts that by 2023, organizations using blockchain smart contracts will increase overall data quality by 50 percent, and trim data availability by 30 percent.
The net impact may be a positive result for data and analytics (D&A) Return on Investment (ROI). The impact of blockchain smart contract adoption on analytical deciding is profound. Gartner noted during a handout that blockchain enhances transparency, speed and granularity of deciding . It also improves the standard of deciding , as its continuous verification makes the info more accurate, reliable and trustworthy.
Governance frameworks for blockchain participation, or the terms and conditions within the smart contract, can dictate the supply of the info generated from the smart contract transaction, from none to limited to unlimited.
“This variable could leave participants during a worse position than if they didn’t participate within the blockchain smart contract process. As such, an organization’s overall data asset availability would decrease by 30% by 2023,” added Ms. Clougherty Jones.
“When a corporation adopts blockchain smart contracts — whether externally imposed or voluntarily adopted — they enjoy the associated increase in data quality, which can increase by 50 percent by 2023,” said Lydia Clougherty Jones, senior director of research at Gartner.
Gartner analysts recommend D&A leaders pilot blockchain smart contracts now. Organizations should start deploying them to automate an easy business process, like non-sensitive data distribution or an easy contract formation for contract performance or management purposes. Then organizations should engage with their affiliates and partners to pilot blockchain smart contracts to automate multiparty contracts within a well-defined ecosystem, like banking and finance, land , insurance, utilities, and entertainment.
“Smart contracts are important and D&A leaders should specialise in them because they promise a near certainty of trusted exchange. Once deployed, blockchain smart contracts are immutable and irrevocable through nonmodifiable code, which enforces a binding commitment to try to to or not do something within the future. Moreover, they eliminate third-party intermediaries (e.g., bankers, escrow agents, and lawyers) and their fees, as smart contracts, perform the intermediary functions automatically,” said Ms. Clougherty Jones.