Blockchain smart contracts can enhance data quality by 50%, report

The latest research conducted by research and advisory firm Gartner has revealed that by 2023 blockchain smart contracts can drastically enhance the data quality, thus improving the overall productivity of an organization.

A senior researcher from Gartner, Lydia Jones, claims that when an organization adopts blockchain smart contracts, they stand to benefit from the enhanced data quality, which is likely to go up by fifty percent (50%) in the next three years.

Blockchain smart contracts for increased productivity

However, the general framework or the underlying terms and conditions associated with the smart contracts can potentially control the availability of the data to the participants of a transaction, thus reducing the overall data availability to an organization by thirty percent (30%) over the next three years, Jones said. This will eventually take place as blockchain technology continues to replace conventional business practices and smart contracts eliminate the need for intermediaries.

The report, named “Predicts 2020: Data and Analytics Strategies — Invest, Influence, and Impact”, states that despite having the potential to dramatically change the face of an organization by making decision-making processes simpler through enhanced data quality, the technology behind smart contracts still remains at the outset.

The overall impact on data, analytics, and quality, however, paints a positive picture with higher yields reported. It is also a critical technology for Data and Analytics leaders at this stage as the technology promises top-notch security and transparency. A 2018 Gartner report also mentioned that successful business leaders of tomorrow would be those who embrace blockchain smart contracts to drive data programming and sharing.

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