Blockchain technology is being seen as a promising one for almost all verticals including healthcare, research, finance, payments, entertainment to name a few, yet the life of projects isn't long with more and more projects becoming inactive over the course of a few months, a new report by Deloitte claims.
If we look at statistics from last year on code repository GitHub, as many as 26,000 blockchain-related projects were created on the platform in just one year, yet only a small number out of those project survive and remain active as of this year.
Deloitte released a new report titled 'Evolution of Blockchain Technology: Insights from the GitHub Platform' wherein it found a whopping 26,885 blockchain-related projects being created in 2016. As of now only 8 per cent of those projects are active says the report with each project having an average lifespan of just 1.22 years.
Deloitte report points out that most of the open source projects are abandoned or do not reach a stage that could be classified as meaningful progress and the same stands true for blockchain related projects as well.
The report adds that about 90 percent of projects developed on GitHub become idle, with the highest mortality rate occurring within the first six months of a project beginning.
The report also points out that of the active projects, most of them are from China, and they pertain to cryptocurrencies and cryptocurrency exchanges.
The blockchain has been creating a huge buzz within the financial world of late, as banks work at improving their services. For many they are already experimenting with the technology to produce faster settlement times between customers and organisations.