Blockchain technology like Bitcoin is being overhyped: analyst

Digital distributed ledger technology is being over-hyped, at least in the short-term, a Gartner analyst has said.
Digital distributed ledger tech, dubbed the ‘blockchain’, is being over-hyped at least in the short-term, says Gartner’s senior VP for technology Peter Sondergaard.
Sondergaard, who is in Cape Town this week for the Gartner Symposium, told Fin24 at a briefing with media about his views on this latest financial technology craze.
Blockchain acts as a digital distributed ledger to confirm batches of transactions for the likes of cryptocurrencies such as bitcoin.
But the technology has been grabbing the attention of banks across the globe for its potential to take over functions such as verifying payments.
In July, Absa announced that it’s joined the R3 blockchain consortium. This global consortium represents over 50 major corporations and Absa said it would be working with other banks to develop Africa’s first distributed ledger-based banking solution.

This post was published at MyBroadband on September 28, 2016.