Blockchain technology has become popular due to its successful adoption for cryptocurrencies like Bitcoin. This distributed digital ledger has many advantages as it can keep the records of all data or money transaction made between any two parties in a secure, immutable, and transparent manner.
Last year, the concept of blockchain started to capture public attention. Experts predict blockchain technology will be implemented for various industries and expect that the future of blockchain is to revolutionize traditional business processes. However, the pros and cons of blockchain show that it’s not as easy to do as it seems.
Most Blockchain Startups Will Fail
Last year, we saw an increase in funding for blockchain startups. However, like any new technology, blockchain is still immature in its implementation, so it can unmeet the expectations of investors. As a result, many blockchain startups are expected to be just a waste of time and money. False starts in blockchain deployment will lead organizations to failed innovations, rash decisions, and even complete refusal of this innovative technology.
Undoubtedly, blockchain technology in the future will affect every aspect of businesses, but this is a gradual process that requires time and patience. Gartner predicts that most traditional businesses will keep an eye on blockchain technology, but won’t plan any actions, waiting for more examples of the best applications of blockchain technology.
The reason for this is that traditional enterprises require more transformation for blockchain deployment than newly-appeared businesses. According to Gartner, only 10% of traditional companies will achieve any radical transformation with blockchain technologies by 2023.
