In recent years much has been said about the transformative power of blockchain – the distributed, encrypted ledger technology that powers Bitcoin.
Although Bitcoin and other cryptocurrencies are its most publicized use cases, it was often said that blockchain would revolutionize many other business processes across industries, from banking to diamond mining and food safety.
However, a recent study into 43 initiatives reported that despite a great number of promises and convincing arguments, none of the projects have been able to show that they have been able to use blockchain technology to achieve their objectives.
With Bitcoin and other cryptocurrencies steadily losing value during 2018 – as much as 80% compared to their peaks last year – is it time to admit that the great experiment with decentralized, distributed ledgers has failed?
Whenever any new technology emerges which has the potential to shake things up, the loudest noise will be made by those selling it.
On top of this, blockchain has been tainted in the minds of many, thanks to the large amount of hot air, and outright scams, that have been generated by the cryptocurrency industry.
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