Blockchain technology years can be applied to almost everything from finance to art. However, researchers before we see its real benefits.
Gartner experts believe that blockchain technology has not achieved its goals and interest in it has begun to wane. Gartner believes that blockchain will start to recover from 2021 onwards but it may take 5-10 years before it manages to change the way businesses.
Avivah Litan, vice president of research at Gartner, said these changes won't happen before 2028.
Litan said: “(Blockchain) technology was not ready for all this interest that it gained. There are many issues, which will take years to address. So companies currently experimenting with blockchain. They may have to redo the whole work from scratch, because the standards are likely to change.”
Not long ago, Gartner said that 90% of current blockchain platformsused by enterprises will need to be replaced by 2021.
According to one expert, the problem starts with the fact that businesses have not fully understood some key features of blockchain technology. Blockchain created huge expectations, promised many benefits, but the technology was not mature enough to be implemented effectively.
Litan compared the adoption of blockchain technology to that of the Internet. users don't have to worry about understanding protocols like DNS or TCP/IP. For this reason, it is easy for everyone to use.
However, adopting blockchain technology by an enterprise is much more complex. Companies will need to consider many things, such as choosing a platform and using a specific system and consensus algorithms.
“When implementing a technology requires a lot of effort, we can’t use it if we don’t have the money and skills,” Litan said. “Therefore, the technology needs to be developed and scaled up enough for companies to use it effectively.”
Based on the above data, it will take several years for the technology to mature and for businesses to adapt to it. Only then will the real benefits of blockchain become visible.
