90% of All Current Enterprise Blockchain Solutions Will be Obsolete by 2021, Gartner Predicts

90% of All Current Enterprise Blockchain Solutions Will be Obsolete by 2021, Gartner Predicts

The market for blockchain solutions could be growing at a faster pace than the evolution of these technologies, a phenomenon that might contribute to promote their early adoption but could lead to the obsolescence of the current products in the next two years.

A study by the analysis firm Gartner concluded that by 2021, 90% of all the currently available enterprise blockchain platforms will require an upgrade or replacement within 18 months to adapt to the needs of the markets and remain competitive.

According to Adrian Lee, senior research director at Gartner, there is currently an over-dimensioning of the benefits associated with the use of these technologies:

Many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals, thus creating unrealistic expectations when assessing offerings from blockchain platform vendors and service providers.

Blockchain is Not the Answer Yet But a Bright Future is Approaching

The interest in blockchain technologies, especially in the business area, has substantially increased despite the bearish streak experienced by the markets during 2018. IBM and Alibaba are the corporations with the highest number of blockchain-related patents registered, and every day the use of these technologies seems to diversify onto applications outside the purely economic sphere.

Jimmy Song

However, the issue ofearly obsolescence is not an isolated opinion of Gartner. A few weeks ago, Bitcoin programmer and proponent Jimmy Song explained in a controversial post that in most times blockchain is not the answer to solve the problems associated with conventional industries.

Mr. Song thinks there is a hype around blockchain technologies that does not correspond to reality. From his point of view, there is no decentralized application that is more profitable and efficient than an equivalent based on traditional or centralized technology.

The past five years have produced nothing with this so-called blockchain technology and were unlikely to see anything in the next five. The only thing that blockchain seems to be good at is promising to fix the biggest problems while delivering verylittle and consuming tremendous capital.

Despite the arguments mentioned above, Gartners study is optimistic. Obsolescence would only exist if service providers refuse to innovate something very difficult to happen. In fact, Gartner believes the market will exceed 176 Bn USD by 2025 and then grow to 3.1 Trillion USD 5 years later, so they recommend that investors prepare for a rapid evolution of these technologies:

Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early stage technologies/functionality in the blockchain platform market.

The post 90% of All Current Enterprise Blockchain Solutions Will be Obsolete by 2021, Gartner Predicts appeared first on Ethereum World News.

08.06.2019 / 11:20 48
Blockchain Enters Trough of Disillusionment According to Gartner Blockchain Enters Trough of
Gartner, Inc., a research and advisory firm specializing in the financial and IT industries, recently published a report that asserts blockchain has
90% of Corporate Blockchain Pilots Will Never Materialize, Researchers Say 90% of Corporate Blockchain Pilots
If you have been following the mainstream financial press, and even some cryptocurrency news sources, you could not have missed the hype around the
CEO of SophiaTX Takes the Business Blockchain Discussion to It Executive Forums Organized by Evanta, a Gartner Company CEO of SophiaTX Takes the Business
Starting this week, Jaroslav Kacina, CEO of SophiaTX takes the discussion on The Business Possibilities of Blockchain totheCIO Executive summits
Global Blockchain Adoption Still Low, Gartner Survey Finds Global Blockchain Adoption Still Low,
Adoption and interest in blockchain technology by global information company information officers is low, says Gartner in its 2018 CIO Survey,
Only 1% of Business CIOs are Actually Using Blockchain Technology Only 1% of Business CIOs are Actually
United Kingdom corporate research firm Gartner conducted a survey of nearly 300 Chief Information Officers (CIOs), in an attempt to separate hype
Majority of Businesses Have No Plans for Blockchain, Gartner Finds Majority of Businesses Have No Plans
A new survey fromresearch and advisory firm Gartner suggests that organizations are largely apathetic toward blockchain integration. According to
Comments (0)
Add a comment
Comment on