Falling Off the Blockchain Bandwagon

Imagine investing in a new shiny technology, only to discover that 90% of your peers have already jumped ship! According to research by Forrester, that’s the forecast for blockchain initiatives within U.S. companies. It seems that while blockchain technology is the talk of the town, many businesses are feeling a bit like a dog chasing its own tail.

Forrester’s Predictive Power

Forrester Research isn’t shy about its predictions. The firm claims that out of all the blockchain projects launched by U.S. companies, a staggering 90% won’t make it to full operational status. Like a prom date gone wrong, these projects may look good at first, but ultimately won’t go anywhere. It’s a tough pill to swallow for those who thought they were on the cutting edge.

Scaling Back Ambitions

Many companies are taking a step back, reassessing their grand ambitions when it comes to integrating distributed ledger technology (DLT). It seems that some business leaders have found themselves questioning not only the viability but also the necessity of blockchain in their operations. Perhaps the allure of blockchain was simply too shiny to resist!

A History of Hesitation

Forrester’s previous predictions indicate that this isn’t the first time they’ve sounded the alarm on the feasibility of blockchain. Their 2017 outlook described 2018 as a “year of reckoning” for blockchain initiatives. This leaves us wondering: How many blockchain projects are simply stuck in limbo, just waiting for someone to hit ‘start’?

The Bright Side… Maybe?

Despite the gloomy forecast, some industry voices remain optimistic. Ron Resnick from the Enterprise Ethereum Alliance suggests that 2019 might just see a resurgence in blockchain activity as companies continue to experiment and “test the waters.” Just like that stubborn cousin at Thanksgiving, it seems the blockchain conversation just won’t go away.

Are Tech Giants Blind?

Brian Behlendorf, Executive Director of Hyperledger, throws in his two cents, suggesting that the biggest players in tech might actually be missing the boat on blockchain innovation. While companies like Google and Amazon rake in billions in other sectors, they seem to be sidestepping the distributed ledger revolution. Not every treasure is located in the same chest, it appears!

Looking Ahead: A Long Road to Mainstream Adoption

As former Wall Street executive Mike Novogratz notes, mass adoption of cryptocurrencies and blockchain technologies might still be five to six years away. So, while we’re all eager to hop on the blockchain express, it looks like we might need to buckle up for a bumpy ride ahead.