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The consulting giant McKinsey & Co recently published a report on the state of the blockchain industry, stating that although cryptographic technology has potential, it has not been able to break the initial phase of "pioneers" with most of use cases that have not taken off.
The report: "Blockchain & # 39; s Occam Problem"
The relationship is not entirely critical, stating that blockchain is seen as a potential turning point in many areas. However, he points out that a huge amount of money has been pumped into blockchain projects, adding the view that "little substance has been achieved".
The consulting firm says that blockchain is an infantile teleology that is "unstable, costly and complex, it is also unregulated and selectively discouraged". A chart is included in the report, illustrating the struggling industry to emerge from the first phase of a four-phase cycle, moving from pioneering to growth, maturity and decline.
The report continues in the detail of the emerging doubts concerning cryptographic technology, with the title of the report that refers to Occam's Rasoio, the concept that the solution or the simplest solution is the best. The implication here, of course, is that blockchain technology is not the easiest solution.
Cryptographic companies respond
Anyone who reads the report could be forgiven for taking a rather weak view of the technology. Although not a real blockchain layoff, McKinsey's report certainly aims to drastically moderate the expectations of blockchain enthusiasts who firmly advocate technology as a potential solution to many cross-sectoral problems.
The blockchain companies did not remain silent in front of the report, with multiple CEOs who faced and unmasked various points made inside.
Ambrosus CEO Angel Versetti, a chain chain blockchain company, acknowledged that the hype blockchain clouded expectations, but firmly stated that, in his intended use case, blockchain is indeed the best solution far:
"The report states that competing emerging technologies are hindering the progress of the blockchain, however, I think there is not a technology that really competes with Blockchain in terms of fundamental value proposition: censorship-resistant ledger, reliable and universally reliable point of break, "said Versetti.
Blockchain will not solve all the problems in the world. But in the proposition of fundamental value of integrity and immutability of data, blockchain is the king.
Utopia Music CEO Brent Jaciow focused on solutions to the problem, emphasizing that blockchain technology was still an emerging industry.
Developers must work hard to remove any obstacle to companies that exploit their capabilities. This enterprise can be achieved by creating APIs that integrate into existing solutions or by developing a simple and user-friendly user experience by integrating blockchain technology as back-end software.
Blockchain is the future?
The McKinsey report covers the full range of regulatory, scalability and security issues that have obviously severely affected all the criticism of blockchain technology.
McKinsey's report on Blockchain, January 4: "The bottom line is that, despite billions of dollars in investment, and nearly as many titles, evidence for practical and scalable use of blockchains is limited." https://t.co/h10JwTReu3
– Dale Sanders (@drsanders) 6 January 2019
The blockchain company's responses to CCN seem to address these concerns with suggestions of API development and the claim that blockchain really obscures competing technologies when it comes to immutability and data protection, but it's perhaps too early to say if the crypto industry is ready to break up to the second phase of the growth cycle outlined in the report.
However, the relationship seems more like a harsh lesson than a well-intentioned parent than a smear campaign of competing interests. Although very critical in some cases, McKinsey also agrees that blockchain is potentially revolutionary. Three guiding principles are mentioned:
- Organizations must start with a problem.
- There must be a clear business case and the objective ROI.
- Companies must accept a mandate and commit themselves to a path to adoption.
The report states that industries are "lowering their expectations" compared to the blockchain, but recognizes that technology has the potential to revolutionize banking, health, insurance, maritime and other processes – but only if the above principles are observed. Companies are urged to "adapt their strategic gaming books, honestly review the benefits versus more conventional solutions and adopt a harder business approach".
The consulting firm occasionally concludes a bleak relationship with a more confident perspective by saying:
If they can do all this and be patient, the blockchain can still emerge as Occam's right answer.
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