Blockchain: It will take at least 10 years to see its true benefits

Gartner experts believe that blockchain technology has not achieved its goals and interest in it has begun to fade. Gartner believes blockchain will start to recover from 2021 but then it can take 5-10 years until it can change the way that people work businesses.

Avivah Litan, Vice President of Research Gartnersaid that these changes will not occur before 2028.

Litan said: "The (blockchain) technology was not ready for all the interest it gained. There are many issues that will take years to address. Therefore, the Companies currently are experimenting with blockchain. Maybe they will have to do all the work from the beginning, because the standards are likely to change. "

Shortly before, Gartner had said that 90% of current blockchain platforms, used by businesses, should replace 2021.

According to one expert, the problem starts with the fact that businesses do not fully understand some of the key features of blockchain technology. The blockchain has raised huge expectations, promised many benefits, but the technology has not been mature enough to be implemented effectively.

Litan compared blockchain technology to its own Internet. The users of the internet are not worried about understanding protocols like DNS or TCP / IP. For this reason, it is easily used by everyone.

However, adopting blockchain technology by a business is much more complicated. Companies should think about many things, such as choosing a platform and using a specific interface systemic and consensus algorithms.

"When the application a technology requires a lot of effort, we can't use it unless we have the money and the skills, ”Litan said. "Therefore, technology needs to be developed and expanded enough for companies to use it effectively."

According to the above data, it will take several years for technology to mature and businesses can adapt to it. Only then will the real benefits of blockchain become apparent.