Is blockchain just a hype or a trend of the future? Gartner publishes an annual hype cycle on new, emerging technologies. Do blockchain really have a chance for the future? This curve by Gartner is very characteristic for a Hype Cycle:
Source: Wikipedia
Forecast from 2018
Let’s have a look at the Hype Cycle for 2018. Graphics are mentioned below:
Source:- Gartner
So,we are back to the question of Where does Blockchain stand? Now, take a look at the graph mentioned above.
According to the Gartner Hype Cycle for 2018, the Blockchain has just crossed the peak of exaggerated expectations and is heading for the Valley of Disappointments.
If you look at the crypto hype from 2017 and the “bubble” in 2018, it is understandable. However, many people declare cryptocurrencies dead. And, they are known to be the flagship of the blockchain.
According to Gartner, it takes around 5-10 years for the technology to reach the productivity plateau.
Blockchain is a revolutionary technology, known for its role in accelerating the rise of digital currencies over the past several years. Also, there are various other non-cryptocurrency uses for this technology to democratize users and build a trustworthy, tamper-proof network. Further, it promises a lot of potential far more than just dealing with cryptocurrencies.
Gartner Blockchain Hype Cycle
Aside from the more popular Hype Cycle for Emerging Technologies, Gartner has published a special one: The Hype Cycle for Blockchain Businesses, also from the year 2018:
It is observable that the focus of the blockchain-related topics is on the curve on the left. So from the technological trigger to the peak of exaggerated expectations.
It includes many things like smart contracts, DAO, or industry solutions such as “blockchain in health”, “blockchain in education”, and “blockchain in logistics”. On the other hand, cryptocurrencies are on the verge of reaching the valley of disappointment
If you look at the above graph the only topic that has reached the productivity plateau is complementary currencies. Just like official currency, these are means of payment that are accepted alongside an associated community.
What Happens Next With The Blockchain Hype?
These are some of Gartner’s blockchain predictions:
- 2009–2020: Blockchain experiments, on top of existing systems. Reducing costs
- 2016–2023: Blockchain solutions are created to solve a specific problem
- The 2020s: Complete blockchain offerings, including smart contracts, decentralization, and tokenization
- After 2025: Smart Contracts have real autonomy. DAOs are reality and microtransactions are performed by machines.
David Furlonger, Gartner analyst, says: “This is not just a technology, this is a societal change”.
Any organization should now use the early phase of this technology to gain a competitive advantage.
Further, we will discuss how blockchain hype is disrupting various industries
As mentioned earlier, there is a lot of hype about blockchain technology. Various public organizations have mentioned ‘blockchain’ in their company name, a rise of 250% of the keyword ‘blockchain’ has been recorded by Google search requests and there was a public discussion about the imminent application of the blockchain — cryptocurrency in the U.S. Senate.
Blockchain In the Banking Sector
Blockchain in banking gives enhanced accuracy and information in the financial services ecosystem of the bank. Banks like Swiss bank UBS and UK based Barclays have explored with blockchain. Banks are also investing in startups like R3 CEV. It is designed to develop Corda — a blockchain platform for financial markets.
Blockchain in ride-sharing
With the help of blockchain system, the ride-sharing companies can simplify all transactions. By using distributed ledger the drivers and riders can develop more user-driven and value-oriented marketplace. The startup Arcade city is similar to other types of ride-sharing companies like Uber, Ola and Lyft that enables all transactions with the help of a blockchain system. Drivers on the Arcade city are able to set their own rates and recurring customer base.
Blockchain In Education
Blockchain has revolutionized the education sector, the blockchain applications can manage and conduct verification procedures. Hence, this will help in reducing the false claims of undeserved educational credits. To secure and share the student records, the Sony Global Education has created a new educational platform in the partnership with IBM. This platform uses blockchain solutions.
Blockchain In Real Estate
While buying and selling property, there is a lack of transparency during and after transactions. With the help of blockchain in real estate, any possible fraud can be identified, a huge amount of paperwork, errors in public records can also be reviewed with blockchain.
Ubiquity, a tech startup offers a blockchain platform Software-as-a-Service (SaaS) for financial and mortgage companies. Also, in Brazil, the company is working with Land Records Bureau to record property information with the help of blockchain.
Blockchain In Medical and Healthcare
With the help of blockchain, the hospitals, patients and other parties can have access to all their networks. Also, this will allow them to enjoy security and fairness without any compromise on the data.‘The Gem Health Network’ by Gem startup is a blockchain network for the healthcare sector. The other blockchain startup — Tierion, provides the services of data storage and verification in the healthcare industry. In the Philips Blockchain Lab, both Gem and Tierion have partnered with Philips Healthcare.
Conclusion :
Enterprise blockchain development has mesmerized all the industries. Further, blockchain is one of the emerging and captivating technology that provides secure and transparent validation of transactions. Blockchain is moving ahead for disruptive innovation. So, would you like to surf more on blockchain use cases and blockchain development company?
