Before starting a project based on blockchain or distributed ledger technology (DLT), the analyst firm Gartner wants decision makers to take a look at the technology currently available, as it will probably do the job.
Gartner vice-president and partner David Furlonger still suggests jumping on the blockchain bandwagon, at least if it's just something that an organization is doing for fear of losing it.
"This is still very early here, this is part of the noise we often experience when we are at these paradigmatic changes," Furlonger told Wednesday's Gartner Symposium / ITxpo on Gold Coast.
"I think it is not yet appropriate for the large number of companies to consider blockchain technology in its current level of maturity."
Furlonger does not believe that the blockchain addresses sufficient levels of mission criticality, and states that there are some technological problems that need to be addressed, particularly in the way companies interact, both in a supply chain, how it is managed the sharing of information, both in the security of resources in general.
"I do not want to say that this will not be resolved, we must take it carefully over the next few years to reach a stronger strength both within the technology and within the company itself," he explained.
See: the leadership of the executive for the implementation of blockchain technology [PDF] (TechRepublic)
Speaking of the notion of a "centralized control paradigm" around customers, products and a production environment, Furlonger said it is crucial to assess whether organizations actually want this to happen.
"We are ready to give up part of this control, perhaps in a consortium environment, perhaps in an association of affiliated companies – what are the limits for this and how this will have an impact on our ability to make money, to generate revenue for our stakeholders? "he asked.
With many definitions of what exactly is blockchain or DLT, Furlonger said it's certainly not the way business sellers describe it
"Blockchain is not – in fact, it's nothing like that – any form of centralized database is not just a messaging infrastructure," he said.
"Blockchain has five basic elements: in part, yes, there's a sort of immutable record, and yes there's encryption, and yes there's some form of distributed computing involved – none of it This is new and you can do everything today with the existing technology, maybe you're more familiar. "
The other two elements that the blockchain provides, which he said are very different from the existing paradigms, are the notion of a decentralized consent protocol and tokenization.
"If all you want to do is ignore the tokenization and ignore the decentralization, and you want to replicate or re-platform your company using some form of relational database in the cloud and attach some cryptography on it … you can call blockchain if you want, but I do not really think that's what we're talking about with blockchain, "said Furlonger.
"If you do, I do not think it has a huge impact on your business model.
To read: dun DTA on hype blockchain saying that for every use there is a better alternative
"If you want to deepen the question or include the broader definition that would be a more decentralized consensus and tokenisation, this will fundamentally change your business model."
For Furlonger, the addition of blockchain to applications and infrastructure already in place in an organization without good reason is simply creating an even larger layer of technical debt. He also compared a seller to a blockchain solution for buying a new phone – it's just a brighter version of something already owned.
"In the near future, if you have a CEO who is coming to you and is very worried about FOMO, it seems clear enough to us that there should not be any fear here, what are you trying to do exactly? , has continued.
"You have to understand what the problem is that the blockchain … is about to face, keeping in mind all the regulatory problems, the problems related to the jurisdiction and everything else that you have to examine".
Disclosure: Asha McLean went to the Gartner Symposium / ITxpo as a guest of Gartner.
Blockchain: the end of banking as we know it?
A look at how the technology-based trust mechanism could affect all types of financial transactions.
Blockchain will not save the world, but it could make it a better place
Although the utopian crypto-anarchist dream of the blockchain is unlikely to be realized, it still promises many benefits.
Apple co-founder Steve Wozniak jumps into the blockchain bandwagon
Although he has recently compared the blockchain to the dot-com bubble, Wozniak has now taken the plunge.
Blockchain: a cheat sheet (TechRepublic)
This comprehensive guide covers everything you need to know about the innovative blockchain technology that powers Bitcoin, Litecoin and other cryptocurrencies.