Blockchain Technologies still 5-10 Years away from Transformational Impact By CIOReviewIndia Team

Blockchain Technologies still 5-10 Years away from Transformational Impact

CIOReviewIndia Team | Thursday, 10 October 2019, 11:20 IST

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CIOReviewIndia TeamAccording to Gartner’ Hype Scale 2019, Blockchain Technologies is sliding into the Through of Disillusionment, and are still 5-10 years away from any pragmatic transformational impact. And, it is expected that the market will begin to climb out of this Trough only by 2021; as more technology advances and pragmatic use cases supported by blockchain are witnessed.  

"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."

Gartner also stated that the concerns about how users will interoperate with partners that use different blockchain platforms for their projects must be rectified and 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 for bloackchain to become mainstream. 

Future Trends of Blockchain Technologies

Avivah Litan also gave a glimpse of future blockchain trends by stating, “We are witnessing many developments in blockchain technology that will change the current pattern. 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.b Over time, permissioned blockchains will integrate with public blockchains, and will take advantage of shared services while supporting the membership, governance and operating model requirements of permissioned blockchains.”

Moreover, additional analysis on blockchain will be presented during Gartner IT Symposium/Xpo 2019 - the world’s most important gathering of CIOs and other IT executives. IT executives can gain useful insight into how their organizations can use IT to overcome business challenges and improve operational efficiency.

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