Gartner: Blockchain technology used by companies may become obsolete in 18 months

Jun 03, 2019


Research firm Gartner has warned that 90 percent of the blockchain technology used by enterprises will need to be replaced in the next 18 months, ITPro technology site reported on June 3.

The company's senior research director Adrian Lee said that the fragmented nature of the industry means that the technology implemented by some companies runs the risk of becoming obsolete or insecure by 2021.

Lee also said that blockchain vendors often use marketing messages that do not meet the needs of a company - leaving companies confused about how decentralized platforms work and whether they add some net benefit to their operations. He told ITPro:

"Many CIOs overestimate the blockchain's short-term capabilities and benefits as a technology to help them achieve their business goals, thereby creating unrealistic expectations when evaluating offers from blockchain platform providers and service providers. "

The Gartner executive said that this ultimately creates a headache for IT departments as they need to decide which blockchain would be the best option for their business.

Lee predicted that fragmentation will only increase in the blockchain industry in the next few years - and instead of joint thinking, standardization and unification, a multiplatform world will eventually develop. As a result, Gartner does not expect a single blockchain platform to hold the domain between now and 2024.

In February, Gartner had warned companies to stay away from the blockchain for now, with researcher David Furlonger saying that the industry's maturity level means that there are a number of challenges that need to be addressed before companies can use technology with confidence. scale.

However, in April, the company predicted that 20% of the world's 10 largest stores will be using blockchain technology by 2025.

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