The major financial consulting company known as McKinsey & Company is in the latest crypto news centered around blockchain. According to the company, there is little evidence of practical uses for blockchain.
As they unveiled in an official post published on January 4th, the “evidence for a practical scalable use for blockchain is thin on the ground.”
The report also noted:
“Blockchain has yet to become the game-changer some expected […] given the amount of money and time spent, […] little of substance has been achieved.”
As the experts from McKinsey believe, “the stuttering blockchain development path is not entirely surprising [since] it is an infant technology that is relatively unstable, expensive, and complex.”
According to the life-cycle hypothesis in the post, the evolution of any product can be divided into four stages: pioneering, growth, maturity and decline. As the authors said, blockchain is still in the first stage with no signs of stage 2 coming soon.
Still, McKinsey suggests that blockchain “has practical value” in many niche applications and is modern enough to demonstrate the ability to innovate. The posts concludes saying that blockchain “brings benefits where it shifts ownership from corporations to consumers.”
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