Blockchain has been experimented and then praised since its inception. It has been considered a revolutionary technology able to provide numerous cases of use. This is why this sector has seen a sea of financing and has attracted the attention of large companies and large retailers. While there are many who find precious and prospective blockchain, there are many different points of view on it.
Recently, a management consulting firm, McKinsey & Company, explained its position against blockchain by arguing that the rising technology had very few cases of use. The official post of the company suggests that the blockchain is blocked in the initial phase of evolution of the sector. It has been suggested that, due to numerous other technologies such as SWIFT's global payment innovation initiative (GPI), Blockchain has faced serious challenges in managing itself as an ideal choice for payments.
The post further elaborated that the initial development of blockchain occurred in the financial sector. While financial services opened up opportunities for insurers, automakers, people in the public sector, bankers and many others, companies hosted blockchain experts and started blockchain workshops. As a result, start-ups and blockchain workplaces began to develop early on and the blockchain was thought to be strengthening for the future.
By the end of 2017, the post explains that people's perception and strategy regarding the blockchain has changed. Concerns have been raised about technology and companies have redefined their strategies by reducing and restricting use cases. In addition to the events of the past, the post also talked about the future of Blockchain. For 2019, the post suggests that niche applications, the value of modernization and the value of reputation are the areas in which the blockchain can try to restore its value.
The post concluded that the blockchain is considered a questionable solution with limited use cases. Furthermore, the security problems associated with it are added to the technology downvoting. A quantum computer created by Google was mentioned as another problem for the blockchain. Since it is said that the computer works at very high speed, it is expected to have the potential of the hacking codes used by cryptocurrencies.
Beyond that, few principles have been laid down that are considered mandatory for the progress of blockchain in the second phase. The existence of a real problem, the presence of a clear business case and the target ROI and a strong commitment in the adoption of the blockchain for a use case were the prerequisites highlighted for blocking the blockchain in the future direction.
Finally, it was summarized that the blockchain had a tendency to revolutionize processes but has not yet done so. Blockchain has taken the minds of many influencers and satisfied them, but to become more applicable than now, a hard business approach and a quick technology withdrawal are recommended whenever there is no real value involved in a blockchain solution. .