Blockchain technology has immense potential in the BFSI sector, but realistic use cases are yet to emerge. Gartner’s Adrian Leow lays out the facts.
Gartner estimates that globally, Blockchain will create USD 3.1 trillion in business value by 2030. However, the banking sector has to overcome many hurdles before it seems mainstream adoption of the technology. The reason being some of the core tenets of Blockchain—like improbability, scalability, performance which are true to centralisation--are currently missing.
In this interview, Adrian Leow, Senior Director –Research Team, Gartner, highlightes that most of the Blockchain projects in the BFSI sector haven’t moved past the PoC stage. “While Blockchain technology has concrete use cases in other industries like manufacturing, BFSI is still lagging behind”, he adds.Leow talks about how Blockchain can eventually revolutionize industries, including BFSI. “Technology leaders must understand that Blockchain is not a solution but a revolutionary technology”, sums up Leow.