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Ninety percent of blockchain-based supply chain projects are faltering because they cannot figure out important uses for the technology, research firm Gartner said this week. From a report:
As a result of this inability to identify strong use cases, “blockchain fatigue” will begin setting in over the next five years, according to “Predicts 2019: Future of Supply Chain Operations,” a survey of the wants and needs of more than 300 executives involved in blockchain projects worldwide. In large part, this is due to blockchain suppliers’ inability to live up to the technology’s hype, said Alex Pradhan, a senior principal research analyst at Gartner.
Despite the great amount of time and effort invested in pilot projects aiming to use distributed ledgers to verify authenticity, improve traceability, and build more trust into supply chain transactions, only 19% of respondents ranked blockchain as a very important technology for their business, the company said in a release. Only 9% have invested in it. Most of these projects “have remained pilot projects due to a combination of technology immaturity, lack of standards, overly ambitious scope, and a misunderstanding of how blockchain could, or should, actually help the supply chain,” Pradhan said. “Inevitably, this is causing the market to experience blockchain fatigue.”