Deloitte finds that only 8% of Blockchain projects are still running
New research from New York-headquartered Deloitte has shown that the vast majority of blockchain projects are abandoned and/or fail to succeed.
The auditing giant has revealed that of the 26,000 blockchain undertakings launched last year on software collaboration platform GitHub, only 8% are still running as we near the end of 2017.
“The stark reality of open-source projects is that most are abandoned or do not achieve meaningful scale,” the report read. “Unfortunately, blockchain is not immune to this reality. Our analysis found that only 8 percent of projects are active, which we define as being updated at least once in the last six months.”
Of the 86,034 blockchain projects currently within the GitHub network, 9,375 have been initiated by companies, research institutions and startups.
“Here, organizations are a positive differentiator; while 7 percent of projects developed by users are active, 15 percent of projects developed by organizations are active,” Deloitte continued.
Although this number is an increase on the average 8%, 15% still demonstrates that the significant majority of corporate blockchain projects have also failed.
Considering this data, whilst there have been a number of successes with blockchain of late, such as R3’s development of an international blockchain-based payment system in collaboration with 22 big name banks, failures are likely to be common, with the technology still largely in its infancy.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”