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Blockchain: Despite Obstacles and Setbacks, Elements of Blockchain Define the Future
While the consensus is that blockchain or future generations of blockchain could be revolutionary when applied to many different industries, the reality remains that blockchain successes to date have been limited.
Despite setbacks, the hype still remains and people are continuing to try to evolve blockchain into their revolutionary visions. Setbacks are to be expected, but many think that ultimately blockchain or some future generation of the technology will deliver. The advice from Gartner is to not give up, but at least to experiment and stay abreast of how the technology develops.
David Furlonger, Gartner Research Vice President, said that “business leaders who fail to do scenario planning or experiment with the technology, and delay consideration of the two fundamental blockchain components, decentralization and tokenization, risk being unable to adapt when blockchain matures.” Christophe Uzureau, Gartner Research Vice President, added that “though not immediate, the proliferation of blockchain-complete solutions will push organizations to explore new ways of operating with greater degrees of decentralization than they have now.”
Gartner identifies four categories of technologies that are enabling, similar to, products of, or enhanced. These include:
- Enabling – Encryption, Tokens, Distributed Computing Infrastructure, and Consensus Algorithms.
- Inspirational – These technologies mimic blockchain capabilities but don’t include the key components of decentralization or tokenization.
- Complete – Solutions that are decentralized, immutable, encrypted, tokenized, and distributed.
- Enhanced – Build upon blockchain-complete. For example, additional capabilities might include artificial intelligence and Internet of things.
