the idea is actually one of the fastest growing technologies around, yet the majority of blockchain projects are abandoned within months, according to researchers.
More than 26,000 open-source blockchain projects were created on the software collaboration platform GitHub in 2016, research by auditing giant Deloitte has revealed.
yet despite the overwhelming amount of interest from the technology, just 8 percent of these projects remain actively maintained.
“The stark reality of open-source projects is actually which most are abandoned or do not achieve meaningful scale,” Deloitte researchers said. “Unfortunately, blockchain is actually not immune to This kind of reality.”
They added: “Note which about 0 percent of projects developed on GitHub become idle, along with the average life span of a project is actually about one year, with the highest mortality rate occurring within the first six months.”
Blockchain is actually a form of distributed ledger technology which allows vast amounts of data to be stored across a network of computers rather than in one localized server.
several large firms have expressed increasing interest from the technology as of late, particularly among those from the financial services.
In October, IBM developed a completely new blockchain-based payment platform to speed up cross-border payments. several international banks collaborated on the project, including BBVA, Bank Danamon along with National Australia Bank.
Later which month, Hong Kong along with Singapore’s central banks agreed to work together on a cross-border trade finance network based on blockchain technology.