[ad_1]<div _ngcontent-c14 = "" innerhtml = "
When Will Blockchain becomes a Game-Changer?Shutterstock
Blockchain has yet to become the turning point that some expected.
This is according to a new report by McKinsey & amp; Company, an American management consulting firm. The report, Occam problem of Blockchain, emphasizes that technology has been publicized as "a revolution in corporate technology."
As a result, companies, regulators and financial technologists have spent countless hours and money exploring its potential. For example, IBM It is believed to have invested over $ 200 million in a blockchain-based data sharing solution for the Internet of Things (IoT).
However, while the report notes that the blockchain is a "potential game-change," there are emerging doubts about it. Not only that, but of the more than 100 cases of identified blockchain use, the authors argue that many of the questions remain stuck in the pioneering phase or are quenching due to the inability to raise sufficient funds.
From the point of view of economic theory, the development path of the blockchain is not entirely surprising, the authors write. It is a relatively unstable, expensive and complex child technology. It is also unregulated and selectively distrustful.
The report notes that one of the reasons why the lack of progress is due to the emergence of competing technologies. Taking the payment industry as an example, he says it makes sense that a shared ledger can replace the current system. But as the study points out, technology is not the only solution available.
"Of nearly $ 12 billion invested in US Fintech last year, 60% focused on payments and loans," the report adds.
Furthermore, the payment industry realizes that by investing in disruptive technologies such as blockchain, this could lead to a reduction in revenue.
According to Angel Versetti, CEO of Ambrosus, a decentralized IoT network for next-generation supply chains, there is no technology that really competes with the blockchain in terms of fundamental value: censorship, transaction accounting and universally reliable contracts no point central bankruptcy.
There is no other technology that has come anywhere near the creation of this in theory, let alone in practice, added Versetti. Blockchain is governed by mathematics and a fixed set of rules, executed in a transparent and verifiable manner.
According to Versetti, the problem during the clamor of technology was that many projects tried to use blockchain for all the problems in the world, and those that did not exist, which led to many failures. While admitting that it will not solve all problems, "in proposing fundamental value of integrity and immutability of data, blockchain is the king," he said.
Mainly led by the financial sector – supported by the emergence of cryptocurrencies – from 2012 to 2015 the resources were used for the initial development of the blockchain, placing them from 18 to 24 months in advance of other sectors. Other sectors soon followed: insurances, car companies and the public sector that saw the opportunity to modernize and improve services.
At the end of 2016, investments in technology were high and its future looked promising. Yet, just as development was preparing for the growth phase, it seemed to falter. As the report notes, when other industries were taking the next step in the development phase, those in the financial sector underwent a more cautious mood change.
At the end of 2017, many people working in finance companies believed that blockchain technology was too immature, not ready for enterprise-wide application or was not needed, he added. Many POCs [proof of concepts] added some small advantages, for example beyond cloud solutions, and in some cases led to more questions than answers.
As a result, financial institutions have changed their focus on their blockchain strategies, putting their POCs under more scrutiny, paying attention to one or two cases of use rather than to dozens of them. For many industries, progression to the second phase is not happening as quickly as many may have thought, eroding every initial enthusiasm.
Brent Jaciow, responsible for the blockchain business of Utopia Music, a platform for tracking music data, however, maintains that, as with any software or technology, the user's experience has to make life easier. Final user.
"Blockchain is still an emerging technology (although it has been around in one form or another for 20 years), and developers have to work hard to remove any obstacle to businesses that exploit their capabilities," he added. "Given the current market environment, only projects that clearly deliver value to their end users in a compliant structure that investors understand will receive the funding needed to complete their idea."
Obviously, while the authors of the & nbsp;McKinsey & amp; The report of the company notes that the "blockchain" is a little-known (and a little awkward) solution in search of a problem, "it's not all negative and negative for the technology.
Note, for example, that the validation protocols used today will be updated or replaced over the next two or three years, helping to increase security and resolve latency issues. Not only that, but progress has been noted in the cases of use by the financial sector, such as supply chains, identity management and public document sharing.
Certainly, it brings benefits when it shifts ownership from companies to consumers, sharing "evidence" of the provenance of the supply chain more vertically and allowing transparency and automation, the report says.
He adds that it is these types of use cases rather than those of finance that will demonstrate the greatest value. Yet while it has the potential to revolutionize business processes from banking and insurance to maritime and healthcare, the authors expect fr "doses of realism "while research on technology continues.
">
When Will Blockchain becomes a Game-Changer?Shutterstock
Blockchain has yet to become the turning point that some expected.
This is according to a new report by McKinsey & Company, an American management consulting firm. The report, Blockchain's West problem, highlights that technology has been publicized as "a revolution in corporate technology".
As a result, companies, regulators and financial technologists have spent countless hours and money exploring its potential. For example, IBM is believed to have invested over $ 200 million in a blockchain-based data sharing solution for the Internet of Things (IoT).
However, while the report notes that the blockchain is a "potential game change", there are emerging doubts about it. Not only that, but of the more than 100 cases of identified blockchain use, the authors argue that many of the questions remain stuck in the pioneering phase or are quenching due to the inability to raise sufficient funds.
From the point of view of economic theory, the development path of the blockchain is not entirely surprising, the authors write. It is a relatively unstable, expensive and complex child technology. It is also unregulated and selectively distrustful.
The report notes that one of the reasons why the lack of progress is due to the emergence of competing technologies. Taking the payment industry as an example, he says it makes sense that a shared ledger can replace the current system. But as the study points out, technology is not the only solution available.
"Of nearly $ 12 billion invested in US Fintech last year, 60% focused on payments and loans," the report added.
Furthermore, the payment industry realizes that by investing in disruptive technologies such as blockchain, this could lead to a reduction in revenue.
According to Angel Versetti, CEO of Ambrosus, a decentralized IoT network for next-generation supply chains, there is no technology that really competes with the blockchain in terms of fundamental value: censorship, transaction accounting and universally reliable contracts no point central bankruptcy.
There is no other technology that has come anywhere near the creation of this in theory, let alone in practice, added Versetti. Blockchain is governed by mathematics and a fixed set of rules, executed in a transparent and verifiable manner.
According to Versetti, the problem during the clamor of technology was that many projects tried to use blockchain for all the problems in the world, and those that did not exist, which led to many failures. While he admits that it will not solve all problems, "in proposing the fundamental value of data integrity and immutability, blockchain is the king," he said.
Mainly led by the financial sector – supported by the emergence of cryptocurrencies – from 2012 to 2015 the resources were used for the initial development of the blockchain, placing them from 18 to 24 months in advance of other sectors. Other sectors soon followed: insurances, car companies and the public sector that saw the opportunity to modernize and improve services.
At the end of 2016, investments in technology were high and its future looked promising. Yet, just as development was preparing for the growth phase, it seemed to falter. As the report notes, when other industries were taking the next step in the development phase, those in the financial sector underwent a more cautious mood change.
At the end of 2017, many people working in finance companies believed that blockchain technology was too immature, not ready for enterprise-wide application or was not needed, he added. Many POCs [proof of concepts] added some small advantages, for example beyond cloud solutions, and in some cases led to more questions than answers.
As a result, financial institutions have changed their focus on their blockchain strategies, putting their POCs under more scrutiny, paying attention to one or two cases of use rather than to dozens of them. For many industries, progression to the second phase is not happening as quickly as many may have thought, eroding every initial enthusiasm.
Brent Jaciow, responsible for the blockchain business of Utopia Music, a platform for tracking music data, however, maintains that, as with any software or technology, the user's experience has to make life easier. Final user.
"Blockchain is still an emerging technology (although it has been around in one form or another for 20 years), and developers have to work hard to remove any obstacle to businesses that exploit their capabilities," he added. "Given the current market environment, only projects that clearly deliver value to their end users in a compliant structure that investors understand will receive the funding needed to complete their idea."
Of course, while the authors of the The McKinsey & Company report notes that "the blockchain is a little-known (and somewhat awkward) solution in search of a problem", it is not all negative and negative for the technology.
Note, for example, that the validation protocols used today will be updated or replaced over the next two or three years, helping to increase security and resolve latency issues. Not only that, but progress has been noted in the cases of use by the financial sector, such as supply chains, identity management and public document sharing.
Certainly, it brings benefits when it shifts ownership from companies to consumers, sharing the "evidence" of the supply chain origination in a more vertical way and allowing transparency and automation, the report states.
He adds that it is these types of use cases rather than those of finance that will demonstrate the greatest value. Yet, while it has the potential to revolutionize business processes from banks and insurance companies to shipments and healthcare, the authors expect fr "doses of realism "as research on technology continues.
