Tuesday, 04 June 2019 10:43

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

By

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.


Subscribe to Newsletter here

WEBINAR 12 AUGUST - Why is Cyber Security PR different?

This webinar is an introduction for cyber security companies and communication professionals on the nuances of cyber security public relations in the Asia Pacific.

Join Code Red Security PR Network for a virtual conversation with leading cyber security and ICT journalists, Victor Ng and Stuart Corner, on PR best practices and key success factors for effective communication in the Asian Pacific cyber security market.

You will also hear a success story testimonial from Claroty and what Code Red Security PR has achieved for the brand.

Please register here by 11 August 2020 and a confirmation email, along with instructions on how to join the webinar will be sent to you after registration.

Aug 12, 2020 01:00 PM in Canberra, Melbourne, Sydney. We look forward to seeing you there!

REGISTER NOW!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

These days our customers Advertising & Marketing campaigns are mainly focussed on Webinars.

If you wish to promote a Webinar we recommend at least a 2 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://www.itwire.com/itwire-update.html and Promotional News & Editorial.

For covid-19 assistance we have extended terms, a Webinar Business Booster Pack and other supportive programs.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a 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).

BACK TO HOME PAGE

WEBINARS ONLINE & DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research & Case Studies

Channel News

Comments