Otherwise they face obsolescence.
Businesses that have given into the hype of what blockchain promises will likely need to rethink the technology’s practicality, with Gartner predicting 90% of existing blockchain implementations will need to be reworked in around 18 months.
According to Gartner, replacement is necessary to remain competitive, secure, and to avoid obsolescence.
“Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology,” Gartner senior research director Adrian Lee said.
“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 has called the blockchain platform market “fragmented”, saying the number of offerings are confusing IT decision-makers. The research firm also said that as enterprises’ interest for blockchain technology increases, so too will the number of blockchain platform vendors.
As a result, Lee expects no single blockchain platform to emerge as the dominant one within the next five years.