97% OF BLOCKCHAIN STARTUPS ARE ‘CHAINWASHING’ – R3’S TIM SWANSON

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Chainwashing is the perfect term, coined by R3’s Tim Swanson to describe the current “Blockchain, not Bitcoin” hype that is hopefully nearing its peak.  PEAK BLOCKCHAIN HYPE? There is a lot of hype around Blockchain or Distributed Ledger Technology (DLT) today. According to a new survey by Synechron among 200 financial services business and IT decision-makers across the US, UK and Europe, over two-thirds (67%) of companies in the industry are actively pursuing blockchain initiatives. Moreover, 94%, believe that key leaders (board members) have bought into developing blockchain projects. Today, the blockchain space resembles the hype of cloud computing a few years ago, where companies can simply throw the “Blockchain” buzzword around simply to get investor attention. What was once known as “cloudwashing,” i.e. rebranding an old product or service by associating the buzzword “cloud,” has now become “Chainwashing,” according to Tim Swanson, Director of Market Research at R3CEV. Swanson noted in a blog post: We think the number of companies with legs will continue to increase over time but chainwashing will continue to be a noise pollution problem for the next few years in the enterprise world even after production systems have been integrated into institutions. Swanson spends much of his time filtering startups that his team at R3 speaks …