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.”
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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 . “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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On Tuesday, May 1, the city council of Berkley, California, voted unanimously to become the first municipality to use the blockchain technology for fundraising of community projects through the issuance of “micro-bonds”. The City Council has initially asked the city manager to weigh the merits of having a pilot venture that allows the city to sell some undisclosed amount of municipal bonds over the blockchain platform.
Ben Barlett, the vice mayor of Berkley who has been spearheading this initiative, wants to boost the community participation by reducing the minimum bond price. Barlett says that currently, the costs imposed by financial intermediaries for the municipality to issue bonds that are large in size and hence requires a minimum investment of $5000-$10000 to be made by an individual. He said: “No one can buy them, they’re not targeted to specific needs for neighborhoods and communities.”
Thus in order to ensure more community participation, Berkley plans to have a pilot venture and launch micro-bonds, in the denominations of $10 to $25 and powered by the low-cost blockchain technology. Barlett says that the blockchain technology will not only facilitate the issuance of the micro-bonds, it will also help to maintain utmost transparency in the process.
By using blockchain all the issued bonds and its related transactions can be stored in the public ledger. Moreover, the use of blockchian would cut costs spent considerably on third-party service providers that are required in the bond-issuance process. Barlett said: “Blockchain allows us to really disintermediate that process and make bonds more affordable for communities and for people.”
The reports that Berkley will be the first city to test the waters if issuing municipality bonds using the public ledger. If this project turns out to be successful, the next project in line could be affordable housing. The publication also quoted Barlett saying that “It’s an exciting course to be expanding the market; and also to be creating new asset classes and opportunities for our people to own new assets, particularly in light of what is happening with creeping poverty.”
Barlett clearly mentioned that coupling the micro-bonds with the blockchain technology is “meant to get around Wall Street.” Should the political process give a nod for this, he is ready to go one step further and support other municipal projects through a tokenized currency.
Susan Wengraf, a councilwomen at Berkley has however expressed skepticism to Barlett’s plans stating “I don’t know much about it, but I know it’s very unstable. The examples used by other communities successfully [issuing mini-bonds] was based on dollars – cash, not cryptocurrency. I would be very happy to support the first part of the proposal and more skeptical about cryptocurrency.”
The Berkley city floated this proposal of having its own municipal token, earlier this year in February. However, the U.S President Donald Trump tweeted saying that the local university might lose its federal funding. It has to be noted that Berkley has the status of being a sanctuary city, which means that it doesn’t cooperate with the federal government in enforcing immigration law. As a part of this immigration reform, the Trump administration has also threatened to pull funding from all these sanctuary cities.
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From the very beginning of blockchain era, trading in cryptocurrencies has remained a risky endeavor due to a lack of transparency, high volatility and increased complexity of a rapidly growing cryptocurrency landscape. By now, there are more than 1,500 digital coins listed on exchange platforms and acknowledging the fact, that cryptocurrency market remains open 24/7 with little oversight and major price swings, traders have to face the equal chances for both huge losses and huge gains.
The fact does also stand that human trading is obsolete. Although gaining information from the internet seems to be an easy task, individuals often fail to absorb the correct data from the unbiased sources as well as process it efficiently. It is also worth to mention that a thorough analysis of collected data is very time-consuming to be performed on daily basis.
Considering all the mentioned drawbacks, one might give up on the huge potential that crypto market has to offer and keep aside from trading. However, for traders’ sake, has solved all these issues with an automated trading bot that conceived to solve the nascent problems of human trading while providing consistent profits day in and day out.
The Introduction of Automated Trading Bot
The Openblock trading platform allows users to have their traders mirror the Openblock AI bot named OBI. OBI is an automated trading bot which utilizing AI and advanced algorithms to track trading and participate in the basics of it all, in layman’s terms it buys low and sells high.
OBCs bot has imperative protocols and programming in place to alert and avoid trading swings, which lead to major loses that can be averted by contributors of OBC. There is always a door for improvement and with the OBI bot represents a significant breakthrough of technological process, Openblock is still seeking to better it for blockchain.
OBC is currently developing a hedging fund bot that expected to add additional value to all the changes and construction already accelerating OBC to the top. Hedge funding features an array of data being processed as funds become prioritized in a variety of precise places aiming to help investors stay beyond any risk of loss. For many years, individual investors or corporations have utilized hedge funding in order to cash out without worry, but OBC has come up with a better idea.
OBC provides traders with a bot that can calculate and curate the best possible outcomes and take them without human’s interaction. Hedge funds were seen as a system for more sophisticated members of society to invest capital into any commodity, but that changed when OBC chose community first. Openblock did not even wait until its presale event will be over to start the launch of OBI upgrading that signals invertors a true dedication of developers’ team.
The Extended ICO and Team Improvement
Openblock is extending its borders on all fronts as they welcome new ICO advisers, aculeate more funds and further their revolution in the trading. The ICO has been extended by thirty days to enable lower-ball players time to grab their tokens at a price that is almost gifting. At the press time, OBC token can be bought for USD $0.5 in the first presale round. Openblocks presale round one will end on May 17th, 2018.
The extended ICO is a way Openblocks expresses its support for the community. In the official statement, the project emphasizes its community-driven mission and the intention to give a chance for late adopters who may still be waiting to find out about them. Openblocks also noted that it did not want their ecosystem to be overwhelmed with large investors but rather to become a collective community where many participants get to benefit from their product.
Moreover, Openblocks decided to enrich their advisory board with experienced professionals who are willing to contribute their knowledge and expertise to the success of OBC. The names of advisers being assigned are Moe Levin, Yasin Qureshi, Moe Assad and Ben Bilski.
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According to research by , it’s thought that 70% of new hedge fund launches in 2018 will use computer supported investment processes. That includes using things like A.I. and machine learning to make trading process easier and more effective.
It’s clearly becoming more and more important for traders to turn to technology for that all-important edge. In fact, this is even more important in the world of cryptocurrency trading. Given 24/7 market, which is inherently tied to the world of tech, crypto traders have a lot to gain by adopting trading algorithms, and a lot to lose neglecting this area.
The thing is, using technology on this level is possible if you’re a millionaire or a financial firm — not so easy for most ordinary individuals. That’s because building algobots – algorithms which work automatically – is a tough process, most people just aren’t qualified for. Surprising enough, but it is possible, and some platforms even want to make the process easier and more accessible for everyone.
Importance of Algorithms
Of course, most people just don’t know how to code well enough to build a decent, working algobot. One might know a good programmer with the necessary skill set, but how likely are they to help out for free? The chances are that it will come at a price.
That’s why most people, daunted by the cost as the main barrier to entry, opt to struggle along on their own through the world of crypto trading. That’s not ideal, because crypto can be an unforgiving marketplace.
Crypto markets are , often experiencing huge shifts in value very quickly. What’s more, unlike traditional markets, they never stop — operating on a 24/7 basis. For those, who trade without algobots, these two factors alone create quite challenging situation, as huge value shifts in crypto can happen – quite literally – overnight, when no sane person is going to be monitoring their trades.
What’s more, human impulse and recklessness often serve major cause of trading mistakes. It’s the reason why big financial firms automate so much — humans just aren’t that reliable.
It’s also all-too-easy to lose track of trades and forget to take important action, especially when you have a life outside of trading to attend to. For these reasons and more, automation makes things significantly easier and helps avoid the likelihood of disaster.
But it’s extremely difficult and expensive to get to a point where one can rely on algorithms to a meaningful extent. At least, that was the case until now. But what if building algobots could be done without any real coding skill at all?
Full Automation of Crypto Trading
This is where platforms like have entered the game. This tool allows people with no coding background at all to build and design algobots and their own personalized automated trading strategies.
The platform is very simple: users simply enter their instructions in plain English and the SaaS program takes care of the rest, building and compiling one’s own automated strategy and then connecting it to an exchange of choice in one click of a button.
This is a game changer for individuals because automation is something that was reserved to professional traders until recently, and is now a.
In the future, it’ll be possible to package successful algobots and sell them to other users of the platform. This way, talented traders can monetize their success further and help others.
The solution helps leveling out the playing field, so that successful trading of crypto is no longer restricted to the rich and influential. Ordinary people can take advantage of the same methods that powerful organizations use to trade, and experience much greater success than they would on their own.
For anyone involved in crypto trading, adopting algorithms could make the difference between failure and success, and it’s never been so easy.
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