Only 8% of blockchain products remain active

GitHub the famous code repository shows there were about 26000 blockchain related projects that was created on its platform but only a small amount of them remained active.

This data was compiled by Deloitte in its detailed new report called “Evolution of block-chain technology. They got their insights from the GitHub platform. In total there were 26,885 blockchain-related projects developed last year. Despite the technology being nurtured only about 8% of the projects are still active and maintained. The average span of a project is calculated to be 1.22 years

The report says: “The stark reality of open-source projects is that most are abandoned or do not achieve meaningful scale. Unfortunately, blockchain is not immune to this reality.”

The report also talks about idle projects. 90% of the project that are developed and uploaded on GitHub becomes idle, with the highest mortality within the first six months of development.

A geographical insight was also published by the researchers giving valuable insight on where distributed ledger is being used the most. 1279 users and 101 organizations developed blockchain related applications in San Francisco making it the home to majority of the projects. With 858 users and 61 organizations London comes second and New York comes third with 725 users and 49 organizations.

The report goes on to say:

“We found that projects coming from San Francisco are diverse; they include solutions for exchanges, wallets for cryptocurrencies, interfaces for different blockchains (for example, Ripple, Hyperledger, and Ethereum), and payment tools for cryptocurrencies, to name a few.”

Adding that:

“It is also worth noting the high level of activity in China, specifically, Shanghai and Beijing. In both of these cities, most of the projects pertain to cryptocurrencies and cryptocurrency exchanges, with an emphasis on scalability.”

Blockchain is a revolution within the financial world. Many organizations are playing with the technology to produce faster settlement times. We hope organizations work on enhancing the technology and implement the technology in their respective fields.

 

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