90 Percent Current Blockchain Platforms Will Require Replacement by 2021

By 2021, 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence, according to Gartner.

“Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology,“ said Adrian Lee, senior research director at Gartner. “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.“

Today, the blockchain platform market is composed of fragmented offerings that often overlap or are being used in a complementary fashion, making technology choices confusing for IT decision makers. Lee claims that buyers are still confused as to how the 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. By 2025, the business value added by blockchain will grow to slightly more than $176 billion, then surge to exceed $3.1 trillion by 2030, according to a recent forecast by Gartner.