The crypto winter makes me wonder where we are in the blockchain hype cycle.
Cryptocurrency may be in the trough of disillusionment of Gartner’s hype cycle, but blockchain seems to have crossed it, indicating that it is in the ‘Slope of Enlightenment’.
Let’s look at real world examples of blockchain in action. SITA consists of about 400 members and claims to touch 90% of the world’s airline business. Thus, their adoption of blockchain should qualify as beyond hype. In their Maintenance Repair & Overhead (MRO) white paper SITA lays out how Blockchain has transformed their business process for MRO:
According to Gartner, about 35% of enterprise blockchain applications will integrate with decentralized applications and services by 2023. Volatility in the cryptomarket is to be expected as the market corrects itself, but blockchain innovation is moving ahead steadily. Explosive growth of Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) tokens, significant progress in blockchain interoperability, and the adoption of distributed ledger technologies (DLTs) for money movement by payment, banking and social networks are some of the key influencers. However, regulation and legal framework continues to be a challenge.
Suggested read: Impact of Blockchain on FinTech