Most Enterprise Blockchain Platforms Will Need Replacement By 2021: Gartner

A report by research firm Gartner says ninety percent of the current enterprise blockchain platforms will require replacement within about 18 months, by 2021. This will be necessary to remain competitive, secure and avoid obsolescence, it says.

The research by Gartner highlights the scope of blockchain’s transformation, how it impacts various industries, and the current state and evolution of these technologies.

IT decision makers are currently finding it difficult to make technology choices among the fragmented offerings in the blockchain platform market. The offerings often overlap or are being used in a complementary fashion.

There is also still confusion about the term secure transactions related to blockchain as to how these functions are achieved or what benefits blockchain adds compared to their existing processes.

Businesses generally overestimate the capabilities and short-term benefits of blockchain as a technology in helping then achieve their business goals. They create unrealistic expectations while assessing offerings from blockchain platform vendors and service providers, the report said.

Blockchain platform offerings in the market still lack of an industry consensus on product concept, feature set, core application requirements and target market. Gartner says it does not expect a single dominant blockchain platform in the market within the next five years.

The business value added by blockchain will grow to slightly more than $176 billion by 2025 and then surge to exceed $3.1 trillion by 2030, Gartner forecasts.

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