A recent study trying to arrive at the solution of 43 Blockchain puzzles applied in the international development sector showed zero percent success. It has also been found that blockchain vendors are not responding to requests for proof of the results of the puzzles.
Blockchain Has Much More to Prove
A team from the US Agency for International Development has demonstrated that industry-wide distributed ledger technology ( DLT) reviewed 43 apps. Various DLT projects covered different tasks, and users included nonprofits, entrepreneurs, and some government agencies.
However, the team found nothing about success in the project, they didn’t even understand anything:
“Press releases, official articles, and persuasively written articles appeared. But no documentation or proof of the results achieved by the so-called blockchain was found.”
When the team conducting the study reached out to several blockchain vendors, they were met with cold silence.. None responded to requests to share data on program results or the MERL (monitoring, evaluation, research, learning) process.
“Exciting how blockchain will bring transparency to processes and transactions in insecure environments. And the industry itself is opaque.”
While vendors are enthusiastic about the value blockchain will add to the process, many customers don’t even know what kind of questions to ask when conducting compliance assessments.
Everyone Critic
Critics argue that vendors exaggerate the benefits of blockchain and oversell it, with a simple database underlying the technology with scalability issues. Its greater adoption than other forms of data collection can be attributed to vendors’ belief in their demands.
While the results in international development are unproven, that doesn’t mean blockchain has no value.. The level of interest in other sectors is unmatched, according to the latest findings, investment grew by 316% in 2018. However, aid programs’ budgets may hamper a comprehensive assessment of distributed ledger technology.. Moreover, companies that spend millions of dollars on R&D still have not achieved useful results and products.
For example, oil giants BP and Shell are using a blockchain solution for crude oil trading.. Of course, it remains to be seen if this experiment comes to fruition.
Still, many people seem unduly excited about the benefits for personal gain.. The benefits of blockchain are very suitable for “to get overly excited.”
Follow us on Twitter, like our Facebook page and join our Telegram channel to be instantly informed about the last minute developments!