“Decentralised public blockchain applications are thriving, but successful permissioned enterprise blockchain projects are scarce. Users must understand how new advances are supporting integration of enterprise requirements with public blockchain innovation.”
This is the conclusion of the Gartner Hype Cycle for Blockchain, 2021.
The much respected hype cycle reports are widely used as an industry guide for emerging technologies, helping organisations understand not just perceptions, but potential impacts, and when to expect them.
“While cryptocurrency prices have crashed in recent months, it’s important to not conflate the value of blockchain with the most recent price of various coins,” says Gartner.
The analyst asserts that while volatility is to be expected in crypto-markets, “blockchain innovation is moving steadily forward”, with key drivers of adoption listed as: the payment network, banking and social network adoption of distributed ledger technologies (DLTs) for money movement; Decentralised finance (DeFi) applications offering substantially greater financial rewards than traditional finance; tokenisation of assets, including explosive growth of NFTs and DeFi tokens, and the promise of tokens linked to physical assets in the future; and blockchains, such as Binance, Cardano, and Solana, offering viable cost-effective alternatives to Ethereum chain transactions.
According to Gartner, the bottom line for enterprises is:
“We project that by 2023, 35% of enterprise blockchain applications will integrate with decentralised applications and services.
“The rewards are simply too high to ignore, and are far greater than the costs.”