Yesterday an interesting article appeared on the English media platform, The Verdict, about blockchain technology and how close we are to mass adoption.
In the article, they indicated that blockchain is a hot item at the moment and that many companies are rushing to get involved. The article also cites the global research firm , Gartner . The research firm believes that, despite the hype, we are currently still 5 to 10 years away from a “transformational impact”.
Gartner also believes the technology is nearing the nadir of disillusionment. This is the point in the hype cycle where interest in the technology drops because it cannot deliver. As a result, they do not expect blockchain to pass this stage until 2021. They expect that the technology will then be applied in more useful ways, and only then can the technology have an impact.
The article also touches on a piece by Gartner in which they map the blockchain hype cycle. They indicate that certain blockchain-based technologies, such as blockchain-managed services, decentralized web and blockchain for data security, are still in the innovation trigger phase. This means that the technology is still fairly new and gets a lot of publicity.
While other technologies, such as smart contracts and decentralized identity, are currently at a peak, other aspects, including blockchain itself, cryptocurrency mining, and distributed ledgers , have hit the bottom of disillusionment.
In order for blockchain technology to take up and become mainstream, Gartner believes several things must happen to enable users to fully embrace the technology. Users should not worry about choosing “the right platform, the right smart contract language, the right system interfaces, or the right consensus algorithms”.
In addition, issues with the wide range of different blockchain platforms that currently make it difficult to work together need to be resolved.
Avivah Litan, vice president of analyst and research at Gartner said:
“Blockchain technologies haven’t lived up to the hype yet and most enterprise blockchain projects are stuck in experimentation mode. Blockchain does not yet enable a digital business revolution in business ecosystems and this will only be possible in 2028, when Gartner expects blockchain to become fully technically and operationally scalable. ”
She believes developments in technology will move closer to mainstream and drive innovation:
“We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable and interoperable, supporting smart contract portability and cross chain functionality. They also support trusted private transactions with the required data confidentiality. Taken together, these technological advancements will bring us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0. ”
hat do you think? Do you agree with this conclusion, or do you have a different view? Let us know on our Twitter Channel.