Blockchain technology initiatives should reach new pinnacles this year. Many prestigious projects that started in 2018 will come out with their final products or services in a few months, which will clarify the hype of this emerging technology. There has been a lot of talk about its benefits and progress, but there are only a few examples of success present since now. However, major financial consulting firms such as McKinsey & Company have published blockchain evidence with its scalable and practical use cases.
McKinsey partners have unveiled that the practical and scalable use of blockchain has no solid foundation. Moreover, there is nothing much achieved by this technology of the future, as was stated in the definition of objectives. In other words, it can be said that no major solution has been obtained for the change of play considering the amount of time and money that has already been invested in it. Blockchain has been on the market for over a decade, but the path of its development is relatively slow.
Beyond that, it is also added that blockchain technology initiatives have practical value in modern and niche applications. Because technology is still evolving and in an unstable and complex manner, it can be of great help in demonstrating the capacity for an initiative. as mentioned by Smartereum.
Other forecasts on the blockchain technology for 2019
According to Pymnts, Zion Market's latest research revealed that the global blockchain production subset will reach a whopping $ 307 million by 2024 with a compound annual growth rate (CAGR) of 76% within this period. Furthermore, it has been added that the use of the blockchain technology initiative is intended for massive use in the supply chain management sector over the next five years. Moreover, this future technology is making huge progress in terms of investment and project development in the banking, financial, insurance and healthcare sectors.
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