Blockchain news: Blockchain in the troughs of disillusionment, according to Gartner
Gartner's annual hype cycle suggests the technology is past its peak expectation
Interest in Blockchain continues to grow, particularly as people begin to properly separate it from the fear, uncertainty and doubt (FUD) and overhyping around cryptocurrencies.
But what role does Blockchain have to play in business? And is it a wholly positive one? We've rounded up the latest Blockchain news below so you can keep your finger on the pulse - we'll be updating it regularly so please do check back.
21/08/2018: Blockchain in the troughs of disillusionment, according to Gartner
Blockchain, the distribution ledger technology that famously underpins cryptocurrency, is now in the troughs of disillusionment, according to Gartner.
The analyst firm's annual hype cycle, which lists the year's biggest tech trends suggests blockchain, along with IoT platforms, are now past peak expectations.
"Blockchain and IoT platforms have crossed the peak by now and we believe that they will reach maturity in the next five to 10 years, with digital twins and knowledge graphs on their heels," said Mike Walker, research vice president at Gartner.
Anyone who noticed Gartner's 2017 hype cycle will have seen that blockchain had begun its slide from peak expectations, but it has only taken a year for the technology to fully fall into what Gartner calls the trough of disillusionment'.
Back in February, KPMG suggested the tech was still in the hype stage and would not start producing results until 2019, at the earliest.
KPMG's head of tech growth, Patrick Imbach, said that new technologies like blockchain always go through a phase of explosive hype and popularity, as investors scramble to back it and companies start rapidly moving into space.
Speaking to IT Pro, he said that it's generally only once the hype has died down that these technologies actually start generating commercially viable results and that blockchain was not yet at that point.
"It was hype in 2017, it will remain hype. I hear loads of chatter about blockchain, in particular in the UK," he said at MWC in Barcelona. "Whilst everyone acknowledges the potential, I think it's very early stages - we're at the hype stage."
However, Gartner estimated that the distribution ledger technology will reach mass production in the next five to 10 years, but it is no longer identifies it as an emerging tech trend, with variations of AI and smart workspaces taking up most of the top rankings on the hype cycle.
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