HomeBlockchainGartner: 90% of enterprise blockchain will die by 2021

Gartner: 90% of enterprise blockchain will die by 2021

Gartner, the world’s leading research and consulting firm and a member of the S&P 500, has published a report explaining that it expects that by 2021 approximately 90% of current blockchain implementations in the enterprise environment will need to be reviewed and modified to remain competitive, secure and avoid technology obsolescence.

Gartner supports more than 15,000 companies in more than 100 countries in any industry or business size.

Adrian Lee, senior research director at Gartner, said:

“Blockchain platforms are emerging platforms and, at this point, nearly 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.”

A fragmented market

Today, the blockchain platform market consists of fragmented offers that often overlap or are used in a complementary way. This makes it difficult for IT managers to make the best choice.

“Compounding this challenge is the fact that blockchain platform vendors typically use messaging that 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”

As business interests in blockchain technology increase, the number of vendors of these platforms continues to increase.

“We do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge”

The rapid evolution of enterprise blockchain

According to a recent forecast by Gartner, by 2025 the value reached by the blockchain will rise to over 176 billion dollars, and then increase to exceed 3.1 trillion dollars in 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”