With all its advantages, the blockchain presents multiple opportunities for companies. Immutability, consensus, security, transparency and more are pushing leaders to embrace this decentralized technology that has been hyped ever since its advent in 2009. Unfortunately, not everyone gets it right the first time in the blockchain. Many blockchain projects have failed for lack of good lessons.
Blockchain projects, between promises of success and bitter failures
The decentralized technology that is the blockchain has never ceased to seduce companies to the point of pushing them to create related projects. At PwC, there is a good explanation for this rush:
” Study results [Blockchain et crypto, édition 2022] highlight the inescapable nature of blockchain and crypto assets in companies. The question is no longer for or against, but when and how “, underlines Pauline Adam-Kalfon, partner member of the management committee and responsible for the Blockchain and Crypto activities of this famous firm.
For PwC, French players seem to show interest in blockchain technology. It is even said on his website that ” 61% of French companies report generating profits from their blockchain projects “.
Nevertheless, a study published in 2018 by China Money Network talks about a lifespan of 1.22 years for blockchain projects. In addition, nearly 90% of them sank.
Such is the case of Maersk and IBM who decided to abandon their TradeLens blockchain platform last November. As a reminder, this device was supposed to use IBM’s blockchain technology to better harden digital supply chains. This will allow Maersk’s trading partners to benefit from single, shared access to real-time freight shipment data and documents.
What lessons can be learned from these failures?
Returning to the misfortunes of Maersk and IBM, Cointelegraph has compiled a list of 3 major lessons for businesses. To know :
- do not consider innovation as ” monolithic or identical;
- do not start with complex projects, better ” simplistic apps » :
- accept the existence of different levels of tolerance of the blockchain project to risk.
In practice, blockchain technology suits companies like Charoen Pokphand Foods from Thailand. The latter has made it a tool to control its goods. The key, however, lies in the ability of companies to learn where others have failed.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
