Since years, a variety of companies have been flooding the media with claims that blockchain technology can be used to track vegetables and make luxury handbags. Most of these claims were based on publicity stunts and did not relate to actual products. Gartner’s new report states that these enterprise solutions are five to ten years from realizing their true potential. Check out more about Charity Coin
Gartner: Blockchain Technologies Are Not Living Up to the Hype
Gartner, Inc. (NYSE IT), a research-and-advisory firm specializing within the financial and IT sectors, has released a report titled “Hype cycle for Blockchain Technologies, 2019” for clients. The report shows that many corporate blockchain solutions are still five to ten year away from making a significant impact on any industry, as the company defines it.
Gartner stated that enterprise blockchain solutions should not be viewed as a niche. Users shouldn’t worry about choosing the right platform, smart contract language, system interfaces and the correct consensus algorithms in order to make them mainstream. Gartner also stated that users should not be concerned about interoperating with partners who use different blockchain platforms to support their projects.
Gartner: Corporate blockchain won’t take off for another decade
Avivah Litan (an analyst and research vice-president at Gartner), stated that “Blockchain technologies are not yet living up to the hype” and that most enterprise blockchain projects remain in experimentation mode. “Blockchain is still not enabling a digital revolution across business ecosystems. It may not be until at least 2028 when Gartner expects that blockchain will become fully scalable operationally and technically.”
When will the Blockchain hype end?
Gartner’s report shows that enterprise Blockchain is entering what the research company calls the “Trough of Desillusionment”, and the market will only begin to rise out of this phase by 2021. Gartner defines the “trough of despairment” as the third phase in a technology’s hype cycle. This is when interest wanes and experiments fail to deliver. This phase sees technology producers fail or succeed, and investors only continue if the surviving providers make their products more appealing to early adopters.
Gartner: Corporate blockchain won’t take off for another decade
Gartner, October 2019, Hype Cycle for Blockchain Technologies
In recent years, corporate distributed ledgers have been a hot topic. The term “blockchain”, which was the most commonly used buzzword in 2018, has been the subject of unrelenting hype. In January 2019, a survey was conducted among 120 marketers and 181 executives from ad agencies to determine which words or terms were being given too much weight last year. The most overrated word in 2018 was “blockchain”, which was voted for by 26% of respondents. This gave it the top spot in the poll.
