Editorial

Using Blockchain? Great. You know it’s already out of date, though, right?

Analyst firm Gartner warns 90% of all enterprise Blockchain work will need upgrading inside 18 months

Posted 4 June 2019 by

Analyst group Gartner has come out with a very strong Blockchain health warning: that 90% of the current implementations of blockchain technology in the enterprise world are soon going to be so out of date, they’ll all have to be replaced by 2021.

‘Blockchain Technology’ on Flickr by surya s (c) All Rights Reserved

Why will you have to do that? To remain competitive, secure, and to avoid obsolescence. And the reason you’ve ended up in this situation, according to one of its Senior Research Directors, Adrian Lee, speaking to UK IT news site ITPro, is because, “Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core Blockchain technology.”

And as many CIOs have overestimated the capabilities and short-term benefits of the technology to help them achieve their business goals, they’ve ended up “creating unrealistic expectations when assessing offerings from Blockchain platform vendors and service providers”.

For Lee and his team, what’s compounding this challenge is the fact that Blockchain platform vendors typically use messaging that is mostly b.s. – sorry, we’ll read that, again: “does not link to a target buyer’s use cases and business benefits”.

“For example, ‘transactions’ 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.”

“Due to the lack of an industry consensus on product concept, feature set, core application requirements and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multi-platform world to emerge,” Lee added.

Nonetheless, because this is the world of Blockchain we’re talking about, the market watchers still expect what it dubs “the business value” the technology will bring to the enterprise world will grow from $176bn in 2025 to a massive $3.1tn by 2030.