Gartner, a global research and advisory firm, recently published an insightful report on blockchain technology titled “How to Position Blockchain Platforms to Increase Adoption.”
The report provides a lot of insights into blockchain technology, its adoption, and trajectory over the next decade, but what’s most interesting is that Gartner says blockchain will deliver $176 billion dollars worth of value by 2025, and $3.1 trillion by 2030.
Blockchain Value Trajectory
According to Gartner, in the short term the blockchain use cases that will accrue the most value will will be various forms of digital cash offered by different companies. We are already beginning to observe this with JP Morgan’s JPM Coin, Facebook’s upcoming GlobalCoin, and others.
Gartner predicts this trend will continue and attribute to nearly a quarter of the total value generated by blockchain technology.
Also in the short term, Gartner says a lot of blockchain business value will come from intracompany or permissioned blockchains. However, they predict this trend to change once public blockchains like Ethereum can scale significantly.
Moreover, the report states that by 2021, 90% of current enterprise blockchain implementations will need to be replaced to remain competitive and secure. Therefore, public blockchains which everyone uses will be highly beneficial to enterprises, as this allows the entire ecosystem to grow and change together.
We’re Still in the “Hype Phase”
Leading analysts at Gartner believe we are still in the hype phase of blockchain technology, and we won’t transition out of this phase until 2020-2022. The report states that we’re still in this phase because of the lack of standardization among blockchain platforms.
While we may still be in the hype phase of blockchain technology, Gartner thinks that blockchain’s existing scaling problems will be solved within the next decade, resulting in widespread blockchain adoption by 2030.
Until then, enterprises implementing blockchain technology must develop products and build on top of the most promising blockchains that have a long term outlook and goal.
Which of today’s blockchains will still be widely used in 10 years? Or will we be using entirely different blockchains by then? Let us know what you think in the comment section below.