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The leading financial consulting firm McKinsey & Company believes there is little evidence of practical use for blockchain, according to an official post published on 4 January.
McKinsey was founded in 1926 and had a turnover of over $ 10 billion in 2018, with over 27,000 employees globally.
The article, written by three McKinsey partners, notes that "the evidence for a practical and scalable use of blockchain is thin on the ground", explaining:
"Blockchain has yet to become the turning point that some expected […] given the amount of money and time spent, […] little substance has been reached ".
Furthermore, the post notes that "the path of blockchain development of stuttering is not entirely surprising [since] it is a relatively unstable, expensive and complex child technology ".
The post then explains to readers that according to the life cycle hypothesis, the evolution of any product can be divided into four phases: pioneering, growth, maturity and decline.
Blockchain life cycle stage by market size. Source: McKinsey.com
During the pioneering phase, technology is at its starting point, and during the second phase, the product should take off and see success. However, according to the authors of the article, "for many, [blockchain’s] phase 2 is not happening. "
The post ultimately suggests that, according to Occam's razor, the problem-solving principle implies that the simplest solutions tend to be the best: "the cases of use of blockchain may be the wrong answer".
However, McKinsey suggests that the blockchain has practical value in niche applications, in modernization and as a way to demonstrate the ability to innovate. Furthermore, the post writes that blockchain "brings benefits when it shifts ownership from companies to consumers".
As Cointelegraph recently reported, the American mainstream Time newspaper wrote about the potential liberation of Bitcoin (BTC) "as a means of censorship-resistant exchange".
However, Tim May, recently deceased, co-founder of the cypherpunk activist movement and author of "The Crypto Anarchist Manifesto", said he believed that the creator of BTC Satoshi Nakamoto "would barricade himself" seeing the current state of the crypto industry .
That is to say, May has criticized the industry's attention to legal compliance, saying that "attempts to be" regulatory-compatible "will likely kill the main uses of cryptocurrencies, which are NOT just" another form of PayPal or Visa ".
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