(8 October 2019 – Global) Most Blockchain technologies are still up to ten years away from transformational impact according to a new Gartner report titled 'Hype Cycle for Blockchain Technologies, 2019' released this week.
According to Gartner's analysis, Blockchain is sliding into the 'Trough of Disillusionment' but will recover by 2021 as technology advances and pragmatic use cases uniquely supported by Blockchain continue to be released. The Trough of Disillusionment highlights technologies and markets where interest has waned as experiments and implementations fail to deliver.
Gartner‘s Hype Cycle, a graphical representation of the life cycle stages a technology goes through from conception to maturity and widespread adoption, shows most blockchain technologies are still five to 10 years away from transformational impact. While it might be easy to get frustrated by the industry’s slow pace at times, it is argued moving through the ‘trough of disillusionment’ is all part of technology reaching a useful state.
The findings support the themes presented in East & Partners' latest Research Note – Blockchain – a Solution Looking for a Problem?
For blockchain to become mainstream, Gartner declared that users should not have to be concerned about selecting the right platform, the right smart contract language, the right system interfaces, and the right consensus algorithms. Additionally, 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. 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. We are witnessing many developments in blockchain technology that will change the current pattern” said Gartner Analyst and Research VP Avivah Litan commenting on the results.
“By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross chain functionality. They will also support trusted private transactions with the data confidentiality required. All together, these technology advances will take us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0” Ms Litan added.