I’m sure blockchain technologies are going to revolutionise some sectors. But it’s not a consumer-facing solution; its applications are mainly back-office.
Of courses a lot of the hype around blockchain came through the link between it and cryptocurrencies like Bitcoin.
There’s a very real problem here, though. People with decision-making power read predictions by consultants and marketers. Then, without understanding what the tech really is or does, ensure it’s a requirement in rendering processes. This means that vendors either have to start offering that tech, or lie about the fact that they are able to do so.
We documented 43 blockchain use-cases through internet searches, most of which were described with glowing claims like “operational costs… reduced up to 90%,” or with the assurance of “accurate and secure data capture and storage.” We found a proliferation of press releases, white papers, and persuasively written articles. However, we found no documentation or evidence of the results blockchain was purported to have achieved in these claims. We also did not find lessons learned or practical insights, as are available for other technologies in development.
We fared no better when we reached out directly to several blockchain firms, via email, phone, and in person. Not one was willing to share data on program results, MERL processes, or adaptive management for potential scale-up. Despite all the hype about how blockchain will bring unheralded transparency to processes and operations in low-trust environments, the industry is itself opaque. From this, we determined the lack of evidence supporting value claims of blockchain in the international development space is a critical gap for potential adopters.
There’s a simple lesson here: if you don’t understand something, don’t say it’s going to change the world.