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Companies that have given hype to blockchain promises will likely need to rethink the convenience of technology, with Gartner predicting that 90 percent of existing blockchain implementations should be reworked in about 18 months.
According to Gartner, a replacement is needed to stay competitive, secure and avoid obsolescence.
"Blockchain platforms are emerging platforms and, at this stage, almost indistinguishable from the blockchain's core technology," said Adrian Lee, director of research at Gartner.
"Many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology that helps them achieve their business goals, creating unrealistic expectations when evaluating blockchain vendor offerings." and service providers. "
Gartner has described the blockchain platform market as "fragmented," explaining that the number of offers is confusing for IT decision makers. The research firm also said that as business interest in blockchain technology increased, so did the number of blockchain platform providers.
As a result, Lee does not expect that any single – channel platform will become dominant in the next five years.
SEE ALSO: Software developers keep an open mind on the blockchain
Lee added that the fact that blockchain adds something different from other existing technologies is also confusing.
"" Transactions, "for example, was the most commonly cited term in relation to the blockchain, followed by" secure "and" secure. "Although they may be functions of technology that allow the chain of blocks , buyers still do not know how these functions are fulfilled or what benefits Blockchain brings to their existing processes, "he continued.
The badyst firm also predicts that by 2025 Blockchain's added value will reach a little over $ 176 billion, which is expected to exceed $ 3.1 trillion by 2030.
"Product managers need to be prepared for rapid change, early obsolescence, a changing competitive landscape, future consolidation of offerings, and the potential failure of technologies / features to early stage in the blockchain platform market, "added Lee.
Speaking at the Gartner / ITxpo Symposium on the Gold Coast in October, David Furlonger, Gartner's vice president, suggested not to engage in the blockchains movement yet, especially for the organizations that use the blockchain for fear of missing out.
"We're still in the very early days here, it's an integral part of the noise you often encounter when we are faced with these paradigm shifts," he said. "I think it's still not appropriate for many companies to consider blockchain technology at its current level of maturity."
READ MORE: Does FOMO make sure companies jump needlessly into the blockchain?
The Australian Government's Digital Transformation Agency (DTA) recently gave similar advice to those who get lost in the hubbub of the blockchain.
"DTA is currently convinced that blockchain is an emerging technology that deserves to be observed, however, without standardization or additional work, for many uses, there are currently other mature technologies that could be more appropriate." for immediate use, "he added. official position of the agency.
Last October, Peter Alexander, general manager of the DTA's digital division, looked at the Senate's budget estimates, adding that "for every blockchain use planned today, there is better technology." : alternative databases, secure connections, standard API implementation ". .
"Blockchain: An interesting technology, but early in its development, it's sort of the top of a hype cycle," he said.
The government entity has even released a questionnaire allowing organizations to self-evaluate it before they worry about something that can simply be stored in a secure database.
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