If you’re a CIO, blockchain probably crossed your radar screen a few years ago with news of Bitcoin and how its distributed ledger technology enabled “anonymous” transactions by nefarious entities around the globe. If you aren’t in financial services, you might have given the innovative distributed ledger platform little attention. Today, blockchain hype has gained visibility in mass media as consultants and vendors promise to help your company leverage this technology for digital transformation.

Since August, 2015, Gartner client inquiries on blockchain and related topics have quadrupled. “Gartner clients in industries beyond financial services are asking whether it is too late to join in the contagion of ‘blockchain fever’ that has struck the financial services sector,” said Ray Valdes, vice president and Gartner Fellow. “If anything, it is too early.”

Yet, it’s important for CIOs to understand the possibilities and limitations of blockchain and associated distributed ledger technologies and future business and technology scenarios for their industries in what is increasingly a programmable economy.
Blockchain 101

An explanation of blockchain begins with Bitcoin, since it is the first implementation of distributed ledger technology. As a digital currency, bitcoin compensates for the lack of a physical coin by tracing the history of each transaction and logging that history each time a coin is transferred from one person to another. Each bitcoin trade makes available the full history of that bitcoin, in a chain of blocks, in what is called the blockchain (a form of distributed ledger). In order for entries in the blockchain to be trustworthy and secure, Bitcoin relies on significant computational power and interested parties or “miners” to validate and confirm transactions, using a structured process for adding transactions records to the blockchain in return for monetary reward...

Read more:
http://www.gartner.com/smarterwithgartner/the-cios-guide-to-blockchain/

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