The Blockchain ecosystem is evolving every single day, with numerous use cases emerging across organizations in all industry verticals. The academic hypotheses that was born almost five years ago, is steadily gaining momentum. The past few years have seen a range of blockchain-based concepts being put to test. However, only a handful of these ambitious experiments will actually see the light of day. The China Academy of Information and Communications Technology (CAICT) claims that only 8% of the over 80,000 blockchain projects ever launched are still active today. Furthermore, blockchain projects only average a lifespan of roughly 1.22 years. This is concerning, especially with the importance being placed on the still so nascent technology. These numbers indicate that we might be moving in the wrong direction, but is that really the case? If yes, why is this happening? Why is there a large number of failed projects despite huge potential? Does the technology itself is proving to be a bottleneck, or is this is a case of cultural rejection? If no, what is really the state of current blockchain affairs? Why is there so much noise around it? Is it making any meaningful progress, or is it just massively overhyped? Let’s find out.
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