The only statement justifying the ‘peak of inflated expectations’ position was rather more qualified. IoT “squarely at the top of the hype cycle” The Hype Cycle report opened on a very positive note - “The Internet of Things has the potential to transform industries and the way we live and work” - and most of the 110 page report was devoted to assessments of the multiple facets of IoT along the Hype Cycle. However, that assessment of IoT was a bit unfair. Rather confusingly, right at the peak of inflated expectations in its own hype cycle was IoT itself. The Hype Cycle showed a plethora of IoT technologies spread right across the cycle. The article justified the headline by saying: “Gartner highlights a lack of standardisation in the area, as well as the changing nature of the technology itself, as part of the reason why widespread adoption is further than its promoters think. The prediction is in line with the 2019 blockchain hype cycle published three months ago.When Gartner published its 2014 Gartner IoT Hype Cycle, it precipitated a headline in the Guardian: ‘ Internet of things’ is the most over-hyped technology, say analysts. In conclusion, Gartner believes blockchain and IoT will take five to 10 years to achieve maturity. This may pose a problem where a large number of parties are interconnected. Another aspect is the scalability of blockchain, which is known to have a low transaction processing rate. This mismatch in timeframes could prove challenging.
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Blockchain protocols are constantly evolving, whereas IoT devices have significant longevity. However, despite the high interest of blockchain amongst IoT adopters, Gartner believes there are several technical and business challenges. “These industries all have business models that include the movement of physical goods, so they benefit from links that bridge the physical to the digital world, especially those enabled by a combination of blockchain and IoT technologies,” said Ms. Specifically, companies involved in pharmaceuticals, energy, natural resources, utilities and transportation. Industries involving moving physical items are the sectors most attracted to the combination of IoT and blockchain.
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#GARTNER HYPE CYCLE IOT 2015 DRIVERS#
Other drivers for blockchain adoption include - business efficiency and lower costs (56%), increased revenue and business opportunities (43%), improved experience (37%). This sentiment is affirmed by Gartner’s survey, where 63% of respondents said the top benefit of integrating IoT and blockchain is increased security and trust in shared multiparty transactions and data. The new types of data generated need to be secured, and hence the ability of blockchain to prevent tampering is important. IoT devices are used for automation and invariably are part of a network.
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Gartner VP Avivah Litan states that the combination of technologies is “moving ahead at a much faster pace than expected, according to the survey.”īlockchain and IoT are seen as complementary. However, in combination, Gartner predicts that blockchain and IoT use cases will start to climb out of the trough into the ‘slope of enlightenment’. Only 10% of the respondents said they had no plans for blockchain adoption.Īccording to the Gartner 2019 Hype Cycle, blockchain is maturing and serious use cases are emerging, although blockchain on its own is in the “trough of disillusionment”. companies found that 75% of IoT adopters had already implemented blockchain or were planning to by the end of 2020. On 5 December, research firm Gartner published a report which found that blockchain integration is popular among adopters of Internet of Things (IoT) devices.Ī survey of over 500 U.S.