Gartner Senior Executive: Blockchain is Being Over-Hyped

By September 28, 2016Bitcoin Business

Read a great story about your favorite cryptocurrency? Post it on CoinUpVote and we might write about it on CCN.LA ! The fervent enthusiasm for blockchain technology among the banking and financial industry is a case of the innovation being “over-hyped” according to a senior executive of technology research firm Gartner. As blockchain takes center stage at the annual Swift-organized banking and financial conference Sibos , one technology executive sees the technology being over-hyped, at least in the short term. Peter Sondergaard, senior vice president for technology at prominent technology research and advisory firm Gartner opined that while distributed ledger technology represents “fascinating area” to keep an eye on, there are too many expectations prophesized with its immediate application in the financial sector. Sondergaard was speaking at the Gartner Symposium in Cape Town, South Africa recently, where he revealed his take on the hoopla surrounding Fintech and arguably banking’s hottest buzzword. Speaking to regional Fintech publication fin24 , Sondergaard said: I think it [blockchain] is a fascinating area to keep an eye out for, but I think it’s being over-hyped right now. Detailing why he thought the technology was pinned with far too many promises that it can keep, he added: I think it’s being over-hyped from the aspect of its short-term impact because there are still technical things that you need to solve and scale and there are still counter-aspects – business model wise – that aren’t necessarily fully clear. Sondergaard’s comments come at a time when bitcoin’s technology is seen as the core driver for a substantial change in various segments of the financial industry which could increase operational efficiencies and lower costs significantly while saving time. The executive revealed his thoughts in implementing blockchain technology to everyday requirements while stating the innovation will play a role […]

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