For every solution blockchain supporters propose, very few CIOs seem to agree. Only 1% of CIOs reported adoption of blockchain technologies in their companies, according to a Gartner report on current blockchain deployments. Only 8% of CIOs are experimenting with the ledger tech, and the overwhelming majority, 77% of CIOs, have no intention or interest of deploying the technology.
Of the CIOs short-term planning, experimenting or investing in the ledger technology, 14% said blockchain elicits the "greatest change in culture of the IT department." An additional 13% said the entire IT department would have to restructure in order to accommodate the technology.
CIOs in the financial, insurance and telecom industries are more "involved" in pursuing blockchain compared to other industries. However, transportation, government and utility organizations are growing involvement in blockchain in line with increased interest in "process efficiency, supply chain and logistics," according to the report.
Much to the dismay of many who believe blockchain is the one-stop-shop for an array of technology woes, the ledger technology may not be living up to its hype in the enterprise.
There is still an air of skepticism around blockchain, partially because the "winning" blockchain platform has not yet made its debut on the market. But in a little more than 10 years, blockchain will hit its exponential growth curve and will have a $3.1 trillion business value-add.
Until then, the scores of blockchain platforms that are in the process of being built lack compatibility, not to mention 90% of them are unreleased. The lack of a solid foundation has stunted two-thirds of current blockchain proof of concepts (POCs). Only one-third POCs provide enough of a basis for future innovation on the platform.
Inflated expectations are the Achilles' heel of blockchain, but despite this companies like IBM and now Amazon are now picking up the tech as a new service offering. IBM has set its focus on aiding transparency in the supply chain with its blockchain technologies, but the benefits are yet to be seen as they are still in trial periods.