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Ask a blockchain supporter and you'll hear all about how decentralized databases are ready to save the world. But if you ask 43 high-tech blockchain tech startups what they've built since they raised funds, you'll hear nothing but crickets.
At least, that's what happened when MERL Tech, a technology research company that tracks emerging technology trends, has reached the blockchain companies of its work. The conclusion of the company is that blockchain startups are promising and provide nothing.
Investigate the ledger
In a report released Thursday, MERL Tech documented the ambitious white papers and seemingly too good claims to be true of 43 blockchain startups that were featured in Internet searches.
The MERL Tech team found no evidence that these companies actually provided functional products or services, or any kind of update on their work. And reaching directly has produced nothing but radio silence.
A blockchain is a kind of distributed database that claims that it will increase transparency by redistributing power. The idea is that everyone who buys will have their own copy of everything that happens on a blockchain, such as cryptocurrency transactions, so no centralized entity like a big bank could have too much energy.
But many wonder if blockchain technology actually has an end. Often, blockchain seems like a word of order that technology startups add to their docks to attract investment.
Bias selection
Naturally, 43 individual startups do not represent the entire blockchain industry. It is possible that MERL Tech, which probably acted in good faith, investigated some bad apples or selected shaded companies.
Ultimately, take this as a warning to do your due diligence before buying the bold claims of a new blockchain company. It's worth checking up to where your money will come.
