Thursday, March 01, 2018

What's holding up Blockchain Adoptions?

A recent Deloitte survey showed that of "developers have created more than 86,034 blockchain-related projects, including more than 9,375 that were started by organizations. However, 92% of those blockchain projects had been abandoned, and only 8% were still being actively maintained by their creators."

Clearly many companies have been caught up in the hype and have since learned that blockchain wasn't the answer to their dreams.

Further analysis showed that the most common reason the projects didn't move ahead was because of an initial lack of understanding of what Blockchain could do. Then there's the issue of how blockchain's capabilities fit into the needs of the business. 55% of the companies said that there was a lack of a clear business outcome in the project.

Also, blockchain hasn't been adopted widely as yet, and another "survey found that the number one most significant barrier to blockchain adoption, cited by 78 percent of respondents, was the lack of industry adoption."

Many are not aware that blockchain is a collaborative effort. While that can work in a company - not all companies - it is much more difficult to make it work with other companies - customers, suppliers, perhaps competitors. Most companies need to bring in other companies to have a useful application.

There are other barriers, as outlined in this article in InformationWeek.

While blockchain has established itself firmly in the case of secure contracts, and certain financial transactions, there are many other aspects of business where it is a solution looking for a problem.




No comments: