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Smart Contracts Will Improve Data Quality

Gartner predicts that by 2023, organizations using blockchain smart contracts will increase the overall data quality by 50 percent. However, data availability will decrease by 30 percent.

Gartner Senior Research Director Lydia Clougherty Jones says an institution will benefit from an increase in data quality expected to increase by 50 percent by 2023, either through external imposition or voluntarily adopting blockchain smart contracts.

However, the management structure for blockchain participation or terms and conditions for smart contracts may limit the availability of data from smart contract transactions. Jones says that variability can leave participants' blockchain worse when they don't participate in the smart contract process. Therefore, an organization's total data availability will decrease by 30 percent by 2023.

The impact of adopting blockchain smart contracts on analytical decision-making is profound. It increases transparency, speed and level of detail in decision making. It also improves the quality of decision making, as its continuous verification makes the data more accurate and reliable.

Clougherty Jones said about this:Smart contracts are very important and Data & Analytics pioneers should focus on them because they offer a reliable change. Blockchain smart contracts cannot be changed, reverted, and edited through code. This makes a binding commitment to do or not do something in the future. Moreover, these contracts eliminate third-party intermediaries (banks, lawyers, etc.) and perform the functions of intermediaries as vending machines.

Gartner analysts recommend data and analytics leaders to start blockchain smart contract pilots. Institutions should start using them to automate simple business processes. Then they must interact with their partners to automate multilateral contracts in a well-defined ecosystem.

Gartner customers can see the details of the report here .

Source: Blockchain Turkiye