There is no doubt that words and phrases such as machine learning, artificial intelligence, big data, or blockchain have received a lot of attention in recent years. All of these areas, technologies, and innovations are certainly connected and can bring significant improvements. However, if they are used in the wrong sectors or if these technologies are not fully exploited, they can do more harm than good.
The survey showed 0% success rate in using blockchain projects.
The latest USAID (United State Agency for International Development) study involved 43 different blockchain projects. All sought to implement blockchain and DLT (distributed ledger technology) in different sectors. These were various projects of government agencies or non-profit organizations. However, the results were not encouraging at all.
The team found no evidence of successful blockchain implementation in even a single project. In addition, according to the survey, there was no solution to any problem or improvement to the systems installed.
“We found several different white papers or files related to the vision of how the blockchain should be implemented. However, we did not find any real evidence of whether blockchain was successfully implemented in this way or what the results were.”
None of these projects helped themselves by not responding to questions and appeals to the agency that conducted the survey. According to a report released by USAID, they did not receive a single answer to their questions or information about the MERL (monitoring, evaluation, research, and learning) process.
Blockchain will rise
“Despite the news around blockchain, there is still room for improvement in this sector.”
Many retailers are very skeptical about blockchain. They are convinced that there is too much talk about it. They also believe that technology does not have as many benefits as it seems and is portrayed.
We are certainly not trying to say that blockchain is just fiction and that this technology brings nothing to reality. It’s not even close. Nevertheless, it should be noted that while this innovation can certainly bring many benefits, there is still room for improvement.