Most Blockchain technologies are still 5-10 years away from transformational impact, said a new report by Gartner Inc. on Wednesday.
According to Gartner’s ‘2019 Hype Cycle for Blockchain Technologies’, Blockchain is sliding into the ‘Trough of Disillusionment’.
However, the market will begin to climb out of this by 2021 as technology advances and pragmatic use cases uniquely supported by Blockchain continue to roll out.
“Blockchain technologies have not yet lived up to the hype and most enterprise Blockchain projects are stuck in experimentation mode,” Avivah Litan, Analyst and Research Vice President at Gartner, said in a statement.
“Blockchain is not yet enabling a digital business revolution across business ecosystems and may not until at least 2028, when Gartner expects Blockchain to become fully scalable technically and operationally.”
According to the market research firm, for Blockchain to become mainstream, users shouldn’t have to worry about picking the right platform, the right smart contract language, the right system interfaces and the right consensus algorithms.
“By 2023, Blockchain platforms will be scalable, interoperable and will support smart contract portability and cross-chain functionality. They will also support trusted decentralized transactions with the data confidentiality required. Altogether, these technology advances will take us much closer to mainstream blockchain and the decentralised web, also known as Web 3.0,” Litan added.