• Wed, 20 Nov 2019, 01:50 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Current blockchain tech implementations need to be replaced by 2021: Gartner

Tue, 04 Jun 2019, 06:40 am UTC

Leading research and advisory firm Gartner has predicted that 90% of blockchain technology currently used by enterprises need to be replaced by 2021 to remain “competitive, secure and avoid obsolescence.”

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,” Adrian Lee, Senior Research Director at Gartner, said.

In its press release, the research firm pointed out that the problem arises because of the blockchain market’s fragmented systems that often overlap or are used in a complementary way. For instance, Lee noted that blockchain vendors usually use marketing messages that do not directly address the needs of an enterprise. This creates confusion as to how decentralized platforms really work and what advantages blockchain has to offer to their current operations.

Lee further said that this ultimately causes a problem for many IT decision makers who are confronted with making technology choices most suitable for their businesses.

The Gartner executive said it is unlikely for a single blockchain platform to dominate until 2024 because of the absence of an industry consensus on “product concept, feature set, core application requirements, and target market.” He also forecasted that the blockchain industry will only continue to grow, with the possibility of a multiplatform world to emerge.

However, the company stated that the business value contributed by blockchain will significantly increase to $176 billion by 2025 and exceed a staggering $3.1 trillion by 2030.

Meanwhile, the World Economic Forum’s Center for the Fourth Industrial Revolution has recently formed six councils to work on new technology policy framework to address governance gaps in the sectors of autonomous driving, artificial intelligence (AI), Internet of things (IoT), blockchain, to name a few.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,212.84 (-1.92%)
  • Ethereum (ETH) $177.65 (-2.05%)
  • XRP (XRP) $0.257700 (+0.03%)
  • Bitcoin Cash (BCH) $244.75 (-3.07%)
  • Litecoin (LTC) $56.44 (-1.50%)
  • Bitcoin (BTC) $8,212.84 (-1.92%)
Nov 19, 2019 (Tuesday)
Crypto exchange Gemini acquires NFT platform Nifty Gateway
Weibo suspends accounts of Binance and Tron amid fresh crackdown of crypto businesses in China
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: XLM/USD breaks below 50-DMA, hits 3-weeks low (0.0645), bias bearish
Binance unveils fiat-to-crypto gateway for Turkey
U.S. SEC to review Bitwise’s Bitcoin ETF proposal; Reason behind the revisit still unclear
Factom wins second DHS SVIP award to develop blockchain-based anti-forgery solution
Blockchain-based payment processor RadPay secures $1.2M in a series seed round
National Advisory Council urges FEMA to adopt blockchain tech to increase aid efficiency for disaster-stricken areas
Crypto Technicals: BCH/USD breaks 4H 200-SMA support, hits 4-week lows at 237.50, bias lower
Nomura’s joint venture ‘Boostry’ releases official webpage of its security token platform
Fledgling crypto money lending platform raises $25M led by Andreessen Horowitz
Crypto Technicals: ETH/USD ends consolidation, break below 50-DMA and rising volatility support downside
Indian state of Telangana to adopt blockchain tech to fight fraudulent academic certificates
Crypto Technicals: LTC/USD breaks below 50-DMA, bias strongly bearish
German airline successfully uses first blockchain-powered tickets
SBI Ripple Asia, SBI Remit launch first Japan-Vietnam money transfer service using distributed ledger technology
Crypto Technicals: BTC/USD finds strong support at 55W EMA (7952), consolidation likely before next leg lower
Cashaa to cater U.S. crypto businesses; Account set-up fee is around $1,500
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.