All sorts of companies have reported for years that they use blockchain technology to track vegetables, make fake handbags, and other things. These reports mostly focused on tests that were conducted for publicity purposes, often riding the coattails cryptocurrency. They rarely concerned actual products. Gartner has released a new report that claims the enterprise solutions behind these projects may not be able to make an impact in real life for five to ten more years.
Gartner: Blockchain Technologies are not living up to the hype
Gartner, Inc., a research and advisory firm specializing on the financial and IT industry, released a report titled, “Hype Cycle For Blockchain Technologies, 2019,” which shows that most corporate-level blockchain solutions are five to ten years from having a transformative impact on any industry, according to the company. Check out more about Charity Coin
Gartner believes enterprise blockchain solutions must become mainstream. They should not have to worry about selecting the right platform, the best smart contract language and system interfaces. The company also explained that there must be a solution to concerns about users interoperating with other blockchain platforms.
Gartner: Corporate Blockchain Will Not Take Off for Another Decade
Avivah Litan from Gartner, analyst and research vice President, stated that blockchain technologies have yet to live up to their hype. Most enterprise blockchain projects are still in experimentation mode. “Blockchain has not yet enabled a digital business revolution across all business ecosystems. This may not happen until at most 2028 when Gartner expects the blockchain to be fully scalable both technically and operationally.”
When will the Blockchain Hype Come to an End?
Gartner reports that enterprise blockchain is in the “Trough of disillusionment”. The market will start to recover from this phase by 2021, according to Gartner. Gartner says that the third phase of the technology’s “hypecycle” is the “trough or disillusionment”. This is where interest wanes during experiments and failures to deliver. This is when technology’s producers are either unsuccessful or shaken out. Investments can continue only if they improve their products to the delight of early adopters.
Gartner: Corporate Blockchain Will Not Take Off for another Decade
Gartner: October 2019 Hype Cycle on Blockchain Technologies
Recent years have seen a lot of hype surrounding corporate distributed ledgers. In 2018, the term “blockchain”, was voted the most misunderstood buzzword. To find out which terms or words were too heavily used in advertising last year, a survey was done among 120 marketers and 180 ad agency executives in January 2019. According to 26% of the participants, “blockchain” was the most overrated term of 2018. It was the #1 spot in the poll.