“It is important to note that "blockchain adoption" usually refers to primarily centralized systems -Distributed Ledger Technologies (DLTs). When one creates a DLT they are creating a standard which needs to be attractive to others in order for it to gain traction. DLT can also be incorporated internally in a company, but generally including third-parties is the most "disruptive" option.

Creating a standard is never easy and companies might actually be adopting a "wait and see" approach to blockchain tech - waiting to see if a specific platform will start building a network effect. Doing this is harder when it comes to "closed standards" which DLTs are. Open, public blockchain platforms have a better chance of gaining popular support. They are “open standards”. However, the problem there is primarily scalability, together with the lack of user-friendliness, privacy and security. The industry is still in its infancy.

Nonetheless, all blockchain platforms are trying to address these issues in parallel, through R&D, and public blockchain platforms will become the go-to places for most applications in the next three to five years. A slow down in momentum could also be due to a shortage of talent, which is a problem being addressed by current projects through rapid hiring, as well as partnerships with educators and incubator programs.

In addition to the above, I think generally at this point the mainstream industry, and by that I mean legacy companies, that are used to doing business in a specific way and feel comfortable with centralized databases and computing, are starting to realize that blockchain is not suitable for everything. Only certain use-cases make sense at this nascent point, others will appear in the future as the technology matures.

There is a hugely apparent disconnect between the hype of blockchain and the reality, similar to the DotCom bubble. With time however, blockchain technology will transform the way information is generated, secured, shared, and monetized, creating a whole new commercially viable and valuable industry.

This industry will be based on open, public blockchain technology, not on DLT.