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A new study of 43 blockchain solutions implemented in the international development sector revealed a zero percent success rate. He also found that blockchain providers did not respond to requests for proof of the results of their solutions.
Blockchain still has much to prove
A team of the US Agency for International Development (USAID) examined 43 implementations of generalized accounting (DLT) technology across the industry. The various DLT projects covered a wide range of tasks and users included NGOs, contractors and government agencies.
But the team did not find any evidence of success or insight gained through the projects. They wrote:
We have seen a proliferation of press releases, white papers and articles written in a persuasive way. However, we did not find any documentation or proof of the results that the blockchain would have stated in these statements.
When the team that conducted the study directly contacted several blockchain suppliers, they faced a stone silence. None of them responded to requests to share data on the results of the program or on the MERL processes (monitoring, evaluation, research and learning).
Despite all the clamor about how the blockchain will bring unprecedented transparency to processes and operations in low-trust environments, the sector itself is opaque.
While sellers are eager to push the value that the blockchain will add to a process, many customers do not know the questions to ask when evaluating suitability.
Everyone is a critic
Critics argue that suppliers outweigh the advantages of blockchain technology and that there is a simple database with scalability problems. Its adoption on other forms of data storage can be based on trust in vendor claims.
However, even if the results of international development have not been proven, this does not mean that the blockchain has no value. The level of interest in many sectors is unprecedented, as investments have increased by 316% in 2018, according to recent findings. But while help programs' budgets may preclude an in-depth assessment of the benefits of distributed accounting technology, companies that put millions in R & D could still produce results and benefits.
Oil giants, BP and Shell, for example, are now using a blockchain solution for crude oil trading. However, it remains to be seen whether this experiment will bear fruit.
Nevertheless, apparently many players "enhance" the benefits for personal gain, the benefits are clearly there to "exalt".
Is the blockchain technology just hot air or will it actually benefit many industries as supporters say? Share your thoughts below!
Images courtesy of Shutterstock, Bitcoinist archives
