For years, all sorts of companies have flooded the media with reports of using blockchain technology for everything from tracking vegetables to fake luxury handbags. These claims mostly involved tests that were done only for the sake of publicity, riding the coattails of cryptocurrency, and almost never about actual products. A new report from Gartner asserts that in reality the enterprise solutions behind these projects are still five to ten years away from making an actual impact.
Gartner: Blockchain Technologies Have Not Lived up to the Hype
Gartner, Inc. (NYSE: IT), a research and advisory firm specializing in the financial and IT industries and a member of the S&P 500, recently released a report for its clients titled “Hype Cycle for Blockchain Technologies, 2019.” The report shows that most corporate blockchain solutions are still five to ten years away from having a transformational impact on any industries as the company defines it.
For enterprise blockchain solutions to become mainstream, Gartner said users shouldn’t have to worry about picking the right platform, the right smart contract language, the right system interfaces, and the right consensus algorithms. Additionally, the company explained that concerns about how users will interoperate with partners that use different blockchain platforms for their projects must be rectified.
“Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode,” said Avivah Litan, analyst and research vice president at Gartner. “Blockchain is not yet enabling a digital business revolution across business ecosystems and may not until at least 2028, when Gartner expects blockchain to become fully scalable technically and operationally.”
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