Via the Lane Bitcoin Report: Most enterprise blockchains are misplaced. They will need to be replaced within a few years. a study done by Gartner found that up to 90% of blockchains in use today will need to be replaced in just a few years. According to Gartner, by 2021, 90 per cent of existing enterprise blockchain platform implementations will need to be replaced within 18 months to remain competitive, secure and avoid obsolescence.
Impact on business: $20 billion
Nevertheless, the report is not all pessimism and dismay.
It also notes that by 2025, the value added blockchain for conventional businesses will be close to $200 billion. Aside from the speculative market for cryptocurrencies, this is generally a real inflow of money into the blockchain. Consider that its impact is only a fraction of what it is today. We could see that the price then could be very different from today's price.
Gartner's Adrian Lee believes that multiple blockchains are here to stay. The industry has not yet responded to the nascent voice of technology regarding the need for uniformity in the products that should be generated. As a result, many products are still available, often with overlapping functionality. The increased demand for enterprise blockchain solutions has led to a greater variety of products. Lee believes that clear winners are unlikely to emerge.
Traditional enterprise and finance are increasingly interested in blockchain. If used correctly, the technology can offer numerous advantages. While some believe it can only be used for safeguarding and transferring funds, others have long seen the potential to move beyond simple ledgers. The fact that it functions for society doesn't help too much, but it's usually not the best option.
When is it not ideal?
Blockchains require a lot of resources, however secure they may be, and their centralized counterparts are usually faster. In some cases, a decentralized blockchain model can provide faster speeds. But in most cases, speed and efficiency are not the reason to observe it.
Presumably, most of the systems Gartner studied will still be around beyond 2021. If an upgrade is needed, it's part of the package.
Many companies want to become proficient in using blockchain before the technology becomes ubiquitous. This is where Gartner comes in, looking to advise its large client base on how best to navigate the next blockchain wave
