- Gartner’s report shows that the market will begin to climb out of this Trough by 2021
- Blockchain is not yet enabling a digital business revolution across business ecosystems
- Blockchain may not yield business value at least till 2028, predicts Gartner
The Gartner Inc. 2019 Hype Cycle for Blockchain Technologies says that the blockchain is sliding into the Trough of Disillusionment. The cycle shows that the market will begin to climb out of this Trough by 2021. The Trough of Disillusionment tells about the technologies and markets where interest has waned as experiments and implementations fail to deliver.
What to expect and what not to
Avivah Litan, analyst and research vice president at Gartner revealed in a press release that blockchain is not yet enabling a digital business revolution across business ecosystems. Litan is of the opinion that blockchain may not yield business value at least till 2028. Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode, informed Litan.
Litan highlighted that Gartner is witnessing many developments in blockchain technology that will change the current pattern. The team at Gartner believes that by 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross-chain functionality. Altogether, these technology advances will take us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0.
Gartner further added that the users need not have to worry about picking the right platform, the right smart contract language, the right system interfaces, and the right consensus algorithms.