Why The Revolution Of Blockchain Is Still More Than 10 Years Away
For many years now, blockchain has been a major headliner for news stories and investors alike. However, the reality is that the technology is nowhere near its highest point yet. Experts say that the revolution of blockchain is still more than a decade away and not even close to being ready for adoption on a larger scale around the globe.
From fine art to finance, the industries that could benefit from the use of blockchain are endless. However, it could be many years before the technology is ready to deliver on any of the promises it has been making.
According to expert technology analyst Gartner, the blockchain revolution is still going through the disillusionment phase. This often occurs when new tech is released and the implementations fail to gain interest from its users for any real length of time.
Gartner has also predicted that blockchain will only begin coming through this disillusionment around 2021. He said it will take more than five or ten years after that to allow blockchain tech to transform how a business operates. Gartner refers to this time of the phase as a “Slope of Enlightenment.”
Not everyone feels the same as Gartner, however. Avivah Litan is a research VP at Gartner. She doesn’t see this change or “enlightenment” happening before 2028. She does believe the tech will reach full scalability by that year. The tech was released at a time when people weren’t ready for it. There are many issues with blockchain that are going to take years to find fixes for and implement.
The companies experimenting with blockchain currently will have to make major changes in the future as regulations are expected to change. This warning falls in line with Gartner’s expectations that more than 90% of all blockchain tech will need to be replaced before changes can be made.
Adrian Lee researched the report given by Gartner and feels the technology is not ready because it lacks industry consensus regarding key features including application requirements, product concepts and target markets. Blockchain has been a victim of the hype creators gave it. The potential benefits it does offer have not been fully seen yet. It is not mature enough to be able to implement its full potential and benefits on a large scale.
Blockchain has been compared to the adoption of the internet. Users don’t have to worry about what it takes to run, but they do have to trust the protocols. This is not always easy for mainstream users.
