June 05, 2018

Is blockchain overhyped?


For blockchain to set the world on fire, it needs to be adopted first. And that’s happening at a slow pace, according to a Gartner study.

Gartner surveyed 3,160 chief information officers worldwide between April and June 2017 and found that just 1% of respondents had adopted any type of blockchain technology, and only 8% planned to do so in the short term. About a third have no interest in blockchain. In the Gartner hype cycle, blockchain sits just past “peak of inflated expectations” and is on the downward slope toward “trough of disillusionment.”

Gartner researchers cited the lack of standards around blockchain as a factor that has slowed its adoption. They also noted that there’s a lot of misunderstanding among chief information officers as to how the different components of blockchain—encryption, distribution, immutability, decentralization and tokenization—function and differ from one another.

At the moment, the promise of blockchain centers more around what it may do in the future for companies rather than what it is doing right now.

Get the full story at eMarketer