Almost all of the blockchain initiatives currently in development in the US will be abandoned, according to a new Forrester report.
The study shows that 90% of projects using blockchain in 2018 will be delayed or closed, and “never become part of the company’s operations”. This is an alarming statistic that indicates companies may be jumping on the blockchain bandwagon without a proper use case.
Nasdaq, one firm thought to be leading the way on crypto and blockchain technologies, has not has the success it hoped for.
“The expectation was we’d quickly find use cases,” said senior vice president and head of product management for market technology, Magnus Haglind. “But introducing new technologies requires broad collaboration with industry participants, and it all takes time.”
Last year, Forrestor published an article that predicted a similar trend of failed blockchain projects, saying: “Following blockchain technology feels a little like living in two parallel universes: One is the world of press and vendor hype, fuelled in equal measure by commercial self-interest and a genuine desire for innovation, and which remains firmly in the phase of irrational exuberance.
“The other is the world of enterprise business and technology professionals actually working on blockchain projects; this world is firmly anchored in the phase of rational assessment, and everyone’s agreed that large-scale, widespread deployment of blockchain-based (or indeed blockchain-inspired) networks isn’t imminent.”