Has Blockchain Peaked Its Hype?

Has Blockchain Peaked Its Hype?
A company from down under called Digital Transformation Agency doesn’t seem impressed with what blockchain has to offer and the current state of its technology. According to the chief digital officer, the technology is being forced by vendors and not governments or users. Blockchain peaking? Earlier in the year, it was reported that the Australian Government provided $700,000 AUD worth for its Digital Transformation Agency with the aim to “investigate areas where blockchain technology could offer the most value for Government services.” Now, as we enter the last months of the year, the agency isn’t impressed with what the current state of blockchain capabilities are. The chief digital officer of the Agency, Peter Alexander spoke on the matter and said:
“It’s an interesting technology but it’s early on in the development. It’s at the top of a hype cycle. A lot of the engagement [with the agencies] is comparing blockchain against existing technologies.” In addition to this, Alexander included, “without standardization and a lot more work, for every use of blockchain that you would consider today there is a better technology.”
However, despite this, it’s interesting that while the Agency was administering the research, worth over 500 million dollars, the government in Australia chose IBM as a partner in over a $700 million deal for providing services related to automation and blockchain technologies. The chief digital officer noted that the governments aren’t, in fact, pushing for blockchain adoption. In a statement, Alexander said:
“It would be fair to say that a lot of the big vendors are pushing blockchain very hard and internationally most of the hype around blockchain is coming from vendors and companies, not from governments and users and deliverers of services.”
He continued, saying,
“We actually costed that with the application of the team staff, and we’re absorbing that funding. We were doing some work on it, we have a team that will do that and we costed the staff effort.”
After six months of research and over half a million dollars spent in research, the Digital Transformation Agency came to the conclusion that blockchain is in its “early development” stages. What are your thoughts? Let us know what you think down below in the comments!
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