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Nearly all Blockchain projects will have to be redone in 18 months

by on04 June 2019

Big G warns about the tech’s practicality

Beancounters at Gartner are predicting 90 percent of Blockchain implementations will need to be reworked in around 18 months.

According to Gartner, replacement is necessary to remain competitive, secure, and to avoid obsolescence.

Gartner senior research director Adrian Lee warned that Blockchain is an emerging platform and, at this point, 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, thus creating unrealistic expectations when assessing offerings from blockchain platform vendors and service providers."

Gartner has called the blockchain platform market "fragmented", saying the number of offerings are confusing IT decision makers. The research firm also said that as enterprises' interest for blockchain technology increases, so too will the number of Blockchain platform vendors.

Lee expects no single blockchain platform to emerge as the dominant one within the next five years. He also does not see if blockchain still adds something that is different from other existing technologies.

"'Transactions', for example, was the term mentioned the most in relation to blockchain, followed by 'secure' and 'security.' While these may be functions of blockchain-enabling technology, buyers are still confused as to how these functions are achieved or what benefits blockchain adds compared to their existing processes", he continued.

The analyst firm is also predicting that by 2025, the business value added by blockchain will grow to slightly more than $176 billion, with that figure expected to surge to over $3.1 trillion by 2030.

"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", Lee added.

Last modified on 04 June 2019
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