The blockchain industry has seen major growth over the past few years. Virtually everyone and their dog has come up with a new use case for blockchain technology, even though most of these ideas are not viable whatsoever. It turns out just 8% of the 26,000 open-source blockchain projects created back in 2016 are still around today. That’s a worrisome statistic, albeit not entirely surprising either.
BLOCKCHAIN IS A KILL-OR-BE-KILLED INDUSTRY
While it is commendable that so many open-source blockchain projects were created in 2016, it’s quickly become evident most of them will not survive in the years to come. With a survival rate of just 8% right now, it is pretty obvious this particular industry is highly competitive. Bright ideas and some money don’t necessarily make for successful business ventures in the long run; that much is certain. That doesn’t mean interest in this particular technology will dwindle anytime soon.
Research by Deloitte shows that a lot of people give up on creating blockchain projects once things get tough. Indeed, the technology itself has a ton of potential, but most projects will never utilize it to its fullest. It is a lot easier to say that a given project will use blockchain technology than to make it actually happen. Most projects are abandoned within months, which is a pretty disturbing trend right now.