Bitcoin technology Blockchain to impact on Irish business, says report

Blockchain, along with virtual and augmented reality, are among the technologies set to impact businesses and deliver value to customers, according to a report.

Trends likely to have significant impact on business in the coming years as their use grows are identified in Deloitte’s ‘Innovating in the Digital Era’ report.

Blockchain — the technology that underpins virtual currency Bitcoin and which is increasingly being used as a distributed ledger system among financial services firms — is tipped to make a major impact.

Augmented and virtual reality is where the future of mobile lies, according to the report .

“Chief information officers [CIOs] are expected to harness emerging trends and innovate to create real business value, all the while building from the realities of today — modernising core systems, industrialising analytics capabilities and using autonomic platforms to transform, not just IT operating models, but the very infrastructure upon which they run,” Deloitte Partner Simon Murphy said.

“CIOs and IT organisations that can navigate these new realities to deliver impact to customers, employees and alliances will thrive.”

Business leaders will need to secure adequate budgets and make smart investments to implement change, Mr Murphy added.