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Blockchain: Failing to Live up to the Hype as Projects Flounder
Interest over the last few years in blockchain has been very strong. Businesses across a variety of industries announced plans to invest in blockchain with goals of disrupting status quo models for doing business. Few of those projects have yet been successful. Forrester calls 2018 a year of reckoning for blockchain projects and predicts that more than 90 percent of blockchain projects will fail.
Martha Bennett, Principal Analyst at Forrester research, wrote that “blockchain is split between two parallel universes: One is the world of press and vendor hype, fueled 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.”
Rajesh Kandaswamy, an analyst at Gartner, said that “the disconnect between the hype and the reality is significant — I’ve never seen anything like it. In terms of actual production use, it’s very rare.”
Brian Behlendorf, executive director of Hyperledger, told Bloomberg that businesses “want to see other people fail first — they don’t wanna be a guinea pig. It’s just the nature of enterprise software.”
