Smartereum understands that McKinsey & Company, a major financial consulting startup, believes that there is only little evidence of actual practical use for the Blockchain technology. This report was revealed via an official post by the company published on January 4 2019. McKinsey was founded in the year 1926. The company has amassed over $10 billion in revenues for the year 2018 with no more than 27,000 employees working around the globe.
McKinsey Partners: Thin Evidence Of Actual Blockchain Uses
According to the article written and published by three of McKinsey’s partners, the “evidence or indication of practical scalable use cases for the Blockchain technology is thin on the ground. According to then the Blockchain hasn’t become the type of game-changing solution that many people expected it would be considering the amount of money and time invested into the project and only very little substance has been achieved in over a decade since the technology was developed.
Furthermore, the post also notes that “the slow path the Blockchain development is taking is not entirely surprising because the technology is still in infancy and is relatively unstable, complex and expensive.” The post goes to further explain to readers that based on the life-cycle hypothesis, any products evolution can actually be divided into four different stages:pioneering the pioneering stage, growth stage, maturity stageand declining stage.
Blockchain Life-cycle Stages Based On The Size Of The Market
When the pioneering stage commences, the technology will be at its starting point.
While for the second stage, we should expect the product to take off and see some level of success. However, going by the theory of the authors, of “for many, [blockchain’s] stage 2 isn’t happening,” things could pan out differently. According to Occam’s razor, we can deduce that the post ultimately indicates that the problem-solving principle that implies that the simplest of solutions typically tend to be the best of them all, “then Bockchain payments use cases might actually be the wrong answer.”However, McKinsey’s thought is that the Blockchain technology has practical value in a niche applications, and modernization as a way of demonstrating the ability to be a highly innovate initiative.
In addition, the post also explains that the Blockchain initiative “brings benefits when it shifts ownership from the corporations to the consumers.”Bitcoin (BTC) Has Potential To Be A Censorship-resistant Medium Of Exchange As per an earlier report by Cointelegraph, Time, the mainstream American newspaper, reported on Bitcoin’s (BTC) potential “to be a censorship-resistant means of exchange.” In other news the recently deceased co-founder of the Cypherpunk activist movement Tim May who is also the writer of the Crypto Anarchist Manifesto, is said to have reportedly declared that BTC’s creator Satoshi Nakamoto be shocked at the current state of the digital asset sector.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
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May has continously criticized the focus of the industry regarding legal compliance. Going on to state that the “attempts to make the structure of cryptocurrencies ‘regulatory-friendly’ will kill the actual use cases for cryptocurrencies, which isn’t just ‘as an alternative to PayPal or Visa.’
