According to the research firm Gartner, blockbuster smart contracts could bring advantages (and some disadvantages) to companies in their data management. While smart contracts could improve the quality of this data, they could in return reduce its availability...Smart contracts, a revolution in the world of Data In a press release issued on January 30, Gartner's analyst group presented its findings on a study of the potential of smart contracts for enterprise data.

https://www.gartner.com/en/newsroom/press-releases/2020-01-30-gartner-predicts-that-organizations-using-blockchain-

According to Gartner, by 2023, companies that use smart contracts - voluntarily or by external necessity - will see a 50% increase in the overall quality of their data. Conversely, these smart contracts could reduce the availability of data for these same companies by 30%. A decrease linked to the inherent risks on governance and consensus of a blockchain.

An overall positive impact: However, the net impact of smart contracts would be "positive" for data management and analysis, as they "improve the transparency, timeliness and distribution of decision making," as well as the quality of decision making, according to Gartner's findings. This is due to the continuous verification of blockchains, which makes the data "more accurate, reliable and trustworthy".

"Smart contracts are important (...) they promise an almost certain exchange of trust. Once deployed, smart blockchain contracts are immutable and irrevocable (...), which imposes a binding commitment to do or not to do something in the future. In addition, they eliminate third party intermediaries and their fees," Lydia Clougherty Jones, senior director of research at Gartner. Gartner concludes its press release by recommending that leading players in the data and analytics industry "start testing smart blockchain contracts now", first with simple processes and then to automate more complex processes. Distributed register technology (DLT), popularized by Bitcoin, has brought with it a host of new innovations. Smart contracts are a good example, and more and more research is taking their disruptive potential in various industries very seriously. Crown is also leading the way in this technology.

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