The blockchain goes through Gartner’s hype cycle for its growth, in its initial stages many may hear about it and misunderstand why it is making the hype around it to vanish or decline among the general public. Each of the hype cycle illustrated by the graph indicates five key phases in a technology’s life cycle;
- Triggering of the technology; this is the initial, early and unproven stage of the blockchain concept, where there are no real applications.
- The peak of inflated expectations; with the early publicity, produces a good number of success stories that are accompanied by several failures.
- Trough of disillusionment and disappointments; interest on the products wanes as the experiments fail to achieve. Most of the new technology providers fail and exit the market while survivors explore the market with scores of investments and satisfactory products.
- Slope of enlightenment; in this stage, the survivors come up with second and third generation products and more funding for their ventures.
- Plateau of productivity; in this stage the mainstream adoption starts to take off at advanced phases of the products whether they are the original or subsequent generations of the product.