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Over 40 Blockchain Projects Turn Out To Be Unsuccessful — USAID

19:35 03/12/2018

The United States Agency for International Development (USAID) analyzed 43 blockchain projects and concluded that they were unsuccessful, and their organizers could not confirm the results, Bitcoinist reports.

USAID examined blockchain-based projects in various areas of activity. As a rule, their initiators promised to reduce costs and improve technological processes. The participants of such projects included non-profit associations, government bodies, and commercial companies.

The researchers reported that they found a lot of announcements, articles, technical documents, and whitepapers, which referred to improvements achieved with the help of distributed ledger technology. However, no evidence was found that these projects have been successful. The Agency tried to interview their organizers about the outcomes of the implementation but to no avail.

The authors of the report conclude that blockchain alone ensures the reliability and security of information, but project organizers do not always act in good faith, using the rush associated with innovative technologies. Many consumers are still not familiar with distributed ledger technology and do not know how to determine the quality of a project.

The level of interest in blockchain remains very high in many industries. According to recent studies, investment in this technology increased by 316% in 2018. Even the oil giants BP and Shell have decided to use blockchain for petroleum products trading.

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