According to a study executed by Gartner, 90% of the blockchains in use today will be obsolete or need complete replacing in only a couple of years. The Gartner blockchain study doesn’t sound too good, but it’s not all bad news.
The Gartner Blockchain Study
Gartner’s study says the following:
“By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence.”
However, although the technology will need constant updating, the value it adds to regular business will be almost $200 billion by 2025. More impressive is how this figure is expected to soar to $3.1 trillion by 2030.
Fail by 2021
Gartner predicts that 90% of current enterprise blockchain uses will fail by 2021 due to a fragmented market and “unrealistic expectations.”
However, as stated, those that do persist will potentially add trillions in value.
Adrian Lee, senior research director at Gartner, said the following on the matter:
“Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology […] Many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals.”
Gartner Blockchain Study: Fragmented Systems
Currently, according to Lee, the market is made up of fragmented systems, and blockchain providers are “overlapping their offerings.” This will get worse before it gets better. Gartner goes on to say that existing blockchains will need replacing to remain secure and updated.
Traditional business, especially in the financial sector, is increasingly expanding its use of blockchain technology. When used correctly, blockchains offer a plethora of advantages. It is first class in terms of security measures and speed when considering the transferring of money and other important data.
Have the results of the Gartner blockchain study surprised you? Did you think that 90% of current blockchains will be obsolete in a few years? What are your thoughts on this?
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