Blockchain technology is heralded as a revolutionary tool, but a vast majority of blockchain startups are merely riding the hype wave without offering genuine, innovative solutions. An estimated 99% of these startups are built on ‘bullshit’, providing no real value or utility. The blockchain bubble is similar to the dotcom bubble of the late 90s, where companies added ‘.com’ to their names to boost their stock prices, regardless of their actual involvement in internet technologies.
The blockchain industry has been infiltrated by opportunists seeking to capitalise on the hype, leading to a surge of startups with no real substance. These companies often use buzzwords such as ‘decentralised’, ‘immutable’, and ‘transparent’ to attract investors, without demonstrating a clear understanding of the technology. The lack of regulatory oversight and the ease of raising funds through Initial Coin Offerings (ICOs) have further fuelled this trend.
Investors and consumers should exercise caution when dealing with blockchain startups. A thorough investigation of the company’s business model, the team’s expertise, and the actual need for blockchain in their proposed solutions is essential. Despite the current landscape, the potential of blockchain technology remains undiminished. It’s a tool that could revolutionise many industries, but only if used correctly and for the right reasons.
Go to source article: https://www.linkedin.com/pulse/99-blockchain-startups-bullshit-jamie-burke?published=t