Blockchain has all the hype but it sometimes this hype is affected by broken dreams.
I walk this lonely road the only one that I have ever known.
Don’t know where it goes, but it’s home to me and I walk alone.
Yeap, this is exactly what every whitepaper sings when no products come of out of the launched startup. If you were to ask forty-three high profile blockchain technology startups about what they have built since they raised funds, you will hear nothing but silence.
Or at least that is what happened when MERL Tech reached out to blockchain companies about their work and there was nothing to be said.
Conclusion: Blockchain startups promise big but fail at the implementation process.
Moreover, the claims made in these whitepapers seem to be too good to be true. There was no evidence found if they actually delivered what they had promised. No products and no updates were to be found either!
And, reaching out yielding nothing but the sound of crickets.
The blockchain is a decentralized database that has a higher purpose to serve or in this case, any purpose to serve. We don’t want it to be reduced to a buzzword that tech startups add to their pitch desks in order to attract investments. But that is what seems to be happening, the scammers have reduced blockchain’s utility to something that companies now only throw around in order to get funding.
Moreover, the cherry on top, are the hacks that continue to happen, for example, the Cryptopia hack that hasn’t ended either they too add a bad name to the crypto industry. The unique selling point of cryptocurrency is under attack because Read up more about it here.
Of course, 43 individual startups do not represent the entire blockchain industry. It is possible that MERL Tech got their hands only on some really shady companies. We also have to bear in mind that these forty-three companies do not represent blockchain as a whole. Every year around 800 ICOs are made and the speed with which blockchains continue to rise, a small sample of forty-three companies doesn’t really do justice. It is a harsh line to draw.
However, ultimately, do take this as a warning to do your due diligence before buying into a new blockchain company’s bold claims. It’s worth checking how far your money will actually go.