Businesses Stir Away From Overhyped “Blockchain,” Favor “DLT” InsteadNov 08, 2018 at 21:08
When the word “blockchain” gained hype, people were scrambling to incorporate the technology in their company names. But now that it is “over-hyped,” business players are leaving the trend.
As a replacement, companies are turning to the “DLT” which stands for distributed ledger technology, according to the latest Forrester Research report.
“Interest in distributed ledger technology (DLT — AKA blockchain) remains high as CIOs and business decision makers try to ascertain what this technology means for their organizations and what action they should take,” read the report, which noted that the term “blockchain” may also hint of negative “wild west connotations” of crypto.
However, those firms pushing “DLT” to replace “blockchain,” especially in crypto marketing, will have to face up to a seemingly daunting task to make this shift a reality.
A simple Google search will generate some 215 million websites containing the word “blockchain” while only about 1.3 million for those with “distributed ledger technology.”
Google Trends also show the same result, with “DLT” generating almost no interest from the US internet users, while the term “Blockchain” stayed relevant on the web all throughout.
On the tools and services provided by the blockchain and DLT, Forrester Research forecasts the market to witness a “steady but cautious progress.”
It noted that there may be a looming “blockchain winter” where investors abandon their blockchain- and DLT-based projects completely but the technology is still moving forward.
“‘Cautious’ because DLT hasn’t proven to be a significant, reliable revenue stream for software and service providers, and 2019 won’t be any different,” the report added.
The report also predicts that, in the near future, the most innovative work on blockchain will center on the tokenization of assets.
Such tokenization, which doesn’t involve cryptocurrency, is already gaining traction in the real estate sector, where companies like Harbor are using distributed ledger technology to divide ownership in new ways.