A new report from Forrester has claimed that the buzz around blockchain technology has become so overhyped that some companies have dropped the word altogether, favoring the term "DLT", shorthand for distributed ledger technology.
The technology, which creates secure and tamper-proof records across multiple computers, has enjoyed a lot of attention recently, with a report by PwC in August this year suggesting that 84% of companies are "actively involved" with the technology. The survey, PwC's 2018 Global Blockchain Survey, surveyed 600 executives in 15 countries and deduced that "everyone is talking about blockchain, and no one wants to be left behind".
As a result, a number of high-profile companies have been publicly pursuing ventures in blockchain, in particular, Alibaba and IBM have been vying for the position of the company with the most blockchain patents filed.
While blockchain is an important new technology, many companies are overestimating its usefulness or simply repackaging existing services, Forrester discovered. "The networks that are live or under development vary greatly and frequently lack key characteristics that many regard as essential components of a blockchain," the report stated.
Getting rid of the term blockchain would also remove some of the "wild west connotations" of cryptocurrency, Forrester argued.
The report also predicted that the most innovative work in blockchain in the near future will center around the tokenization of assets, a practice which is already gaining traction in real estate.