The Research conducted by Gartner Inc. predicts that there will be an increase of 50% in overall data quality by the year 2023 for the businesses and organizations which are engaged in blockchain smart contracts. The adoption of technology will result in creating positive data and analytics return on Investment.
The smart contract is an agreement between two parties which run on blockchain technology, i.e. transactions take place automatically after the fulfilment of pre-specified conditions.
Lydia Clougherty Jones, the senior Research Director at Gartner, in her blog wrote that the organizations can benefit from increased data quality when it adopts the blockchain smart contracts. As the blockchain technology replaces the traditional business processes, it would remove the intermediary parties from the transaction chain. Though the technology increased the quality of data as well as strengthened the analytics return on investment (ROI) but still the impact is less.
According to the Fourth Chief Data Officer Survey of Gartner, successful and analytics leaders enable and drive data program success by embracing blockchain and smart contracts.
Smart contracts are simply the programs or protocols that operate on blockchain to facilitate business procedures. They also execute transactions based on blockchain technology.
The recent report “Predicts 2020: Data and Analytics Strategies- Invest, Influence and Impact" by Gartner Inc also analyzed that the latest technology is in infant stage with slow global adoption. However, the overall result is positive in terms of data security and safety.
The analysts from Gartner recommends the leaders in data and analytics industry for seeking a strategy to collaborate with other executives to employ blockchain technology-based smart contracts. The technology-enabled contracts would improve the quality as well as transparency in analytical decision making. The leaders in the industry must drive forward towards the cost-benefit analysis and automate the simple process through smart contracts. For the global impact of the organization, the adoption of technology can prove to be the way forward.