The Columbia Law School blog has conducted an investigation which found that most companies who claimed to be developing “blockchain systems” ended up doing nothing with the idea. Oftentimes, these announcements were made to boost stock performance under dubious pretenses.
A few Columbia Law School researchers have come to the conclusion that, despite many companies promising ‘blockchain projects’ between 2009 to mid-2018, “few firms developed successful blockchain projects.”
Most Mentions of ‘Blockchain’ Happened at the Top of the 2017 Hype Cycle
The blogpost harkens back to the statement made by Securities and Exchange Commission Chairman Jay Clayton who highlighted a “growing trend of blockchain disclosures from public firms with no meaningful track record in blockchain technology.” So, the researchers sought to confirm Clayton’s comments.
According to the researchers, 736 8-Ks were filed containing the words ‘blockchain,’ ‘bitcoin,’ or ‘cryptocurrency’ altogether issued by 224 unique SEC registrants. Firms purely mentioning these terms for speculative purposes tended to be vague in their descriptions.