Tuesday, 04 June 2019 10:43

Blockchain platforms will need to be replaced within 18 months to remain competitive: report

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The vast majority of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to a new report from global analyst firm Gartner.

Gartner says 90% of blockchain platforms will need to be replaced, with the blockchain platform market today composed of “fragmented offerings that often overlap or are being used in a complementary fashion, making technology choices confusing for IT decision makers”.

“Compounding this challenge is the fact that blockchain platform vendors typically use messaging that does not link to a target buyer’s use cases and business benefits,” said Adrian Lee, senior research director at Gartner.

“'Transactions,’ for example, was the term mentioned the most in relation to blockchain, followed by ‘secure’ and ‘security.’ While these may be functions of blockchain-enabling technology, buyers are still confused as to how these functions are achieved or what benefits blockchain adds compared to their existing processes.

“Nonetheless as enterprises’ interest for blockchain technology increases, the number of blockchain platform vendors continues to increase with more new entrants.

“Due to the lack of an industry consensus on product concept, feature set, core application requirements and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge,” Lee added.

Lee said blockchain platforms are emerging platforms and, at this point, “nearly indistinguishable in some cases from core blockchain technology”.

“Many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals, thus creating unrealistic expectations when assessing offerings from blockchain platform vendors and service providers.”

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

“Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early stage technologies/functionality in the blockchain platform market,” Lee added.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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