Study Pegs 90% of Blockchain Initiatives Will End Up Being Abandoned

A study conducted by Forrester Research and later cited by Bloomberg has indicated that roughly 90% of active blockchain initiatives by U.S. companies’ will end being abandoned.

The research firm is projecting that most of blockchain-powered projects led by American firms would be suspended in 2018. In particular, Forrester Research pegs that in a whopping 90% of cases, the projects will “never become part of a company’s operations.”

The researcher also said that “some companies,” which have been working to integrate the popular distributed ledger technology (DLT) in their establishments, are now coming back down to earth and scaling down their once ambitious efforts.

The most recent study signifies at least the second example wherein Forrester has projected a glum future for applications in the US. Back in 2017, the company released an article dubbed “Predictions 2018: The Blockchain Revolution Will Have To Wait A Little Longer,” saying that 2018 will be “the year of reckoning for blockchain initiatives.”

“Those who failed to translate the headlines into reality will write off their investments and give up, while others that have a deep understanding of the technology and its transformational potential in the long run will continue to forge ahead.”

According to the report by Bloomberg, Ron Resnick, the first executive director of the Enterprise Ethereum Alliance (EEA), fought back, saying that blockchain development might still see an uptick next year, claiming that “[companies] are still testing the waters.”

In the past, Executive Director of Hyperledger Brian Behlendorf said that the “coming wave” of blockchain applications would not actually come from the usual suspects when it comes to technological innovations, such as Google, Amazon or Facebook, as these “have a blind spot when it comes to blockchain.”