Ambcrypto reported on February 1 that a recent report from research firm Gartner showed that by 2023, blockchain smart contracts are expected to improve the company's overall data quality by about 50%.
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Simply put, smart contracts are snippets of programming code that are executed consistently on the blockchain. The Gartner report also predicts that by 2023, as smart contract rules will reduce the availability of corporate data, the overall availability of data assets will decline by 30%.
Speaking of this prediction, Gartner's senior research director Lydia Clougherty Jones said that when an organization adopts a blockchain smart contract, whether externally enforced or voluntary, these Smart contracts will benefit from the improvement in the quality of relevant data.
Interestingly, legislators in many states in the United States have recently been studying the use of blockchain and smart contracts. For example, the Illinois Blockchain Technology Act (BTA), which has recently entered into force, aims to address the uncertainty surrounding the legal status of the blockchain and smart contracts in Illinois.
Gartner's report also pointed out that the use of blockchain smart contracts has a profound impact on analysis decisions, which improves the transparency, speed, and granularity of decisions.
Jones further stated that smart contracts will eliminate third-party intermediaries such as banks, escrow agents and lawyers, saying:
"Smart contracts are very important, and leaders in data and analytics (D & A) should pay attention to this technology because they can ensure a nearly certain trusted transaction. Once deployed, blockchain smart contracts will become immutable and unchangeable. Undo, through unmodifiable code, it enforces an established promise of what needs to be done in the future and what is not needed. "
At the end of the report, Gartner analysts suggested that data and analytics leaders can begin deploying blockchain smart contracts to automate simple business processes. They also suggested that organizations test blockchain smart contracts to multi-party smart contracts in well-defined ecosystems such as banking and finance, real estate, insurance, utilities and entertainment.