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BlockChain: Analysts in Agreement That it’s Too Early for BlockChain
More than 60 percent of organizations with more than 20,000 employees have on-going projects that are investigating possible uses of blockchain technology, according to Juniper Research. While the potential of blockchain reality does seem real, it’s taking much longer to determine how to best to apply it. The current hype exaggerate the maturity of the technology.
The University of Cambridge summed up the current fluid state of blockchain, saying that “in reality, ‘blockchain’ is still an often misconstrued and misunderstood concept. DLT as a whole is still lacking maturity and, in many cases, remains undeployed and unadopted. Issues related to scalability, privacy and confidentiality are slowing down technical advancement, whilst regulatory uncertainties and legal risks are looming large. The DLT landscape is fluid, highly fragmented, contested, and complex.”
David Furlonger, research fellow at Gartner, said that it is “still not appropriate for the vast majority of enterprises to consider blockchain technology at its current level of maturity. I don’t think it has sufficient levels of mission criticality associated with really fundamentally changing the system of record… I often feel I’m in the middle of this maelstrom of hyperbole and general commentary in the market. Virtually every day there’s someone saying something positive or negative about blockchain.”
McKinsey echoes that analysis, saying that “despite the hype, blockchain is still an immature technology, with a market that is still nascent and a clear recipe for success that has not yet emerged. Unstructured experimentation of blockchain solutions without strategic evaluation of the value at stake or the feasibility of capturing it means that many companies will not see a return on their investments.”
