Gartner Consulting: Blockchain technology hype has reached its peak

Rage Comment : In its latest report, Gartner, an American consulting firm, said that the hype about blockchain technology has reached its peak, and predicted that the fastest growing areas of blockchain technology will be in manufacturing, government, healthcare and education. The report advises companies that want to invest in blockchain technology not to rush into it, but to slowly understand blockchain technology, especially blockchain management. It will take a transition period of 5-10 years for blockchain to become a reality.

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Gartner, a US company, says blockchain has reached the peak of hype.

That’s the key finding of a new report released this week that argues that blockchain, an emerging technology, is still in its development stages and that users and the public have “inflated expectations” about the benefits it will bring.

Internet of Things (IoT) platforms that connect homes and smart robots are other technologies in this category.

But if that sounds discouraging, the Gartner report says blockchain will become a "transformative technology" across industries and predicts that the transition will only take 5-10 years.

The report states:

“As a precursor to the emergence of a programmable economy, blockchain technology’s potential to fundamentally change the way economies interact should capture the attention of society, governments, and businesses because there are no clear answers yet.”

Gartner estimates that less than 1% of the population uses blockchain, and predicts that the fastest growing areas of blockchain technology will appear in manufacturing, government, healthcare and education.

Tellingly, Gartner discussed blockchain as “the only proven blockchain.”

The report defines the term "blockchain" as "a collection of different types of distributed ledgers" based on other underlying technologies.

Finally, the report issued a warning, suggesting that companies that want to invest in blockchain technology should slowly learn about blockchain governance issues, and stated that blockchain governance is the key to adopting blockchain technology.