Day-by-day there is a rising demand for Blockchain Technology in the world. Last year's report by Markets and Markets hits that Blockchain market size is anticipated to grow from $1.2 billion in 2018 to $23.3 billion in 2023. But, in order to sustain in growing competition and security threats, existing Blockchain platforms will require to update themselves.
As per the recent Gartner report, 90% of the Blockchain implementations today will need replacement by 2021 or will become outdated.
As the enterprise interest in the blockchain will increase, so will be the total number of latest Blockchain-related vendors.
Adrian Lee, the Senior research director at Gartner said, "Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology."
The report claims that today the blockchain market is fragmented just due to the fact that the use of blockchain is done in a "complementary fashion." Lee states that the Blockchain platform vendors mostly use a messaging which doesn't link to a target buyer's use cases and business gains add to the confusion.
In short, blockchain enterprises don't know how to sell their freshly implemented blockchain solutions. They mainly advertise by using words such as "fast transactions", "secure", and "security", however, Gartner indicates that the consumers are still confused about what these functions improve and what benefit Blockchain adds to the currently running processes.
Also, Adrian Lee believes that the existing blockchain environment will change as he considers that there won't be a single dominant blockchain platform. He said,
“Due to the lack of an industry consensus on product concept, feature set, core application requirements, and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge.”
Moreover, many CIOs exaggerate the abilities and short-term benefits of blockchain technology and end up having impractical expectations when subscribing to services from Blockchain platform vendors.
Gartner has also carried out the predictions of future blockchain market value. They consider that the business value added by blockchain will reach $176 billion. Along with that they also calculated that the number will rise up to $3.1 trillion in 2030.
Lee counsels’ product managers to be ready for the rapid development, a shifting competitive landscape, future consolidation of services and the potential failure of early-stage technologies in the Blockchain platform market.
As per Gartner's July 2018 report, the majority of services accessible in the market in the name of Blockchain Solution doesn't consist of two out of five components of blockchain technology. These five components are encryption, distribution, decentralization, immutability, and tokenization. Security is going to face issues due to the absence of best practices and standards.
