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The European Union’s tough new data-protection law demands costly changes for many companies and opens rich business opportunities for others.
WSJ.com: US Business
One of the world’s first smart luggage makers is packing its bags and calling it quits — a victim of its own design flaws.
New York-based Bluesmart Inc., which started in 2014 with more than $ 2 million from a crowdfunding campaign, announced that it is going out of business, after several major…
United Kingdom corporate research firm Gartner conducted a survey of nearly 300 Chief Information Officers (CIOs), in an attempt to separate hype from reality. The results are revealing, with a dismal 1% reporting “any kind of blockchain adoption within their organizations.”
Survey of CIOs Reveals More Blockchain Hype Than Adoption
A rather revealing survey of 293 CIOs conducted by English research outfit Gartner is attempting to suss out marketing campaigns from actual fact on the subject of blockchain usage among businesses.
Gartner Vice President David Furlonger explained, “This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment. It is critical to understand what [it] is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow.”
Among some of the standout numbers: a whopping 77% of CIOs admitted their companies exhibited exactly no interest in the tech, nor have they plans to in the future; 8 percent claimed to be looking at interim planning or experimentation with it; and only “1 percent of CIOs indicated any kind of […] adoption within their organizations,” the survey detailed.
Mr. Furlonger continued, “The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow. Qualified engineers may be cautious due to the historically libertarian and maverick nature of the [tech’s] developer community.”
Numbers Point to Slow Going for Blockchain Adoption
Cheekily, Mr. Furlonger waxed how “Blockchain continues its journey on the Gartner Hype Cycle at the Peak of Inflated Expectations. How quickly different industry players navigate the Trough of Disillusionment will be as much about the psychological acceptance of the innovations that [it] brings as the technology itself.”
Furthermore, of those companies dabbling in the tech, 13 percent believed a complete restructuring of an information technology department would be the only way to bring along blockchain; 14 percent worried it would mean a large change of company culture; 23 percent indicated a host of new skills are required to meaningfully use it; and 18 percent noted knowledge of the tech is nearly impossible to find among potential employees.
“Blockchain technology requires understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures,” Mr. Furlonger insisted. “It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures.”
Industries inclined toward blockchain include financial services, of course, insurance, and telecommunications. The survey notes even public utilities, government agencies, and transportation sectors are exploring it for logistics and efficiency. “While many industries indicate an initial interest in [such] initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems,” Mr. Furlonger stressed.
Do you think blockchain is the inevitable future so many business leaders claim? Let us know in the comments below.
Images via Pixabay, Gartner.
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Gibson Brands Inc. filed for bankruptcy with a turnaround plan that will give some of the company’s lenders equity ownership of the iconic American business that has supplied guitars to B.B. King, Elvis Presley and Pete Townshend.
A restructuring support agreement with senior secured noteholders…
If you’ve got the entrepreneurial itch and are on the hunt for the best place to jump-start a business, WalletHub has some insights. The site pulled out more than 180 large US cities and looked at 19 key metrics for each in three main categories: business environment, including the average…
As economic growth returns to Greece after a decade of crisis, so are some businesses that once wrote the country off.
WSJ.com: What’s News Europe
Lauren McGoodwin is the founder and chief executive of Career Contessa, an online platform designed to help women search for the best job opportunities and perform at a higher level when they get them.
L.A. Times – Business
When Russia’s communications regulator tried to shut down a messaging app, hundreds of businesses and sites got caught in the web, underscoring how far Kremlin is willing to go to tighten its grip on the internet.
WSJ.com: What’s News Europe
2018 is shaping up to be the year of bitcoin in academia as more and more institutes for higher education enter the field. The latest example comes from a number of top ranked business schools in the US that are expanding their offering due to student demands.
Stanford University’s Graduate School of Business will offer a full-time cryptocurrency course beginning this May. The new class came about following a coordinated campaign by MBA students who see the innovative concept as vital for their future careers. “Many of us will have to discuss blockchain at our jobs. It makes sense to teach it,” explained second-year student Itamar Orr. “It gets you a competitive advantage; it’s an extra hammer in your toolbox.”
A group of students petitioned the school’s leadership to add the full-time class as before it only covered the field on a pop-up basis. Once Stanford opened the class to registration the wider demand was confirmed as it was closed with over fifty candidates on the waiting list.
Susan Athey, the technology professor who will teach the new class, commented to CNBC: “The fluctuations in the prices have everyone mesmerized: Just how did this happen? Many people have gone boom or bust and that’s, of course, exciting, attracts a lot of interest and motivates people to understand what’s going on.”
Critical Mass Achieved
The Wharton School at the University of Pennsylvania will also offer a cryptocurrency class this fall for the first time. Professor Kevin Werbach said: “We’re at the point where there’s a critical mass to teach this domain. There will be a real phenomenon in business for the foreseeable future, and five years down the road there won’t be too many major business schools that don’t offer similar classes.”
It’s not just students that are asking for more classes but industry as well. John Jacobs, executive director of Georgetown University’s McDonough School of Business, revealed he is “constantly” getting calls from Wall Street and consulting firms’ recruiters saying, “You need to train them. We need people to understand how to apply blockchain technology.” He added that: “Any world-class program is going to have to equip students in this field to compete. It’s everywhere we turn around.”
Would you attend a university course to teach you about bitcoin? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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One of downtown’s oldest tall buildings, the former Los Angeles offices of the Atchison, Topeka and Santa Fe Railroad, sold this week for nearly $ 70 million to a residential developer.
Now known as the Santa Fe Lofts, the 11-story tower at Main and 6th streets, which opened in 1908, has been an…