Gartner has predicted that as much as 90% of current blockchain implementations will need to be reworked in the next 18 months.
In a press release, the global research and advisory firm stated that “by 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence.”
Senior Research Director at the firm, Adrian Lee noted that “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 observed that the current market is comprised of fragmented offerings that overlap or that are used in a complementary fashion which can result in confusing technology choices for IT decision makers.
They also stated that they believe by 2025, the business value that has been added by blockchain technology could exceed $176 billion. This figure is expected to rise to a staggering $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,” said Lee.
In the next five years, Gartner have said that they expect a multiplatform blockchain ecosystem to have evolved, rather than a single dominant one such as the Bitcoin or Ethereum blockchain network.
Gartner have conducted a lot of research into how to position blockchain to increase adoption, as well as how businesses can leverage it in their digital transformation processes.
Meanwhile, international retail giant Walmart have announced they will join MediLEdger, a blockchain consortium that will build a pharmaceutical tracking platform. The move, is just another example of Walmarts dedication to blockchain technology, as they are also a member of IBM’s Food Trust project which tracks produce through the supply chain via a Hyperledger Fabric platform.
Pharmaceutical products accounted for $35 billion of Walmart’s US sales in 2018. MediLedger will run on an enterprise version of the Ethereum blockchain as well as a modified version of the Parity proof-of-authority client. The consortium is managed by blockchain firm Chronicled.
The pilot project is expected to be live imminently.
Fellow retainer Carrefour also confirmed that its recent increase in sales was due to its implementation to blockchain tracking. The use of the technology to track milk, meat, and fruit from farm-to-table has increased customers confidence, leading to an increase in revenue.
Emmanuel Delem, the French companies blockchain project manager stated that the initiative had proven popular in Italy, France, and China. The company is also working with Nestle to allow them access to data in order to verify certain products.