90% enterprise blockchain platform implementations will become obsolete by 2021: Gartner

New Delhi: The interest and demand for Blockchain technology is growing. A December report by Markets and Markets, suggests Blockchain market size is expected to grow from $1.2 billion in 2018 to $ 23.3 billion in 2023. However, to stay viable in the face of the growing competition and security threats, existing Blockchain platforms will need to re-invent themselves.

According to a more recent Gartner report, 90% of current enterprise Blockchain platform implementations will need replacement by 2021 or face obsolescence.

As enterprises’ interest in Blockchain technology will grow, so will the number of new Blockchain platform vendors. “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 multi-platform world to emerge,” said Adrian Lee, senior research director at Gartner.