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Last week, global consulting firm McKinsey published a widely read report on the emerging blockchain industry, entitled, Occam problem of Blockchain.
In short, McKinsey said that blockchain fails to be at the height of its perceived potential. While billions of dollars are spent on experimentation and applications, the solutions provided simply are not cutting.
Occam, by the way, believed that the simplest solutions were more effective than the more complex options. McKinsey has a blockchain anchored in the most complex category (at least for the moment). McKinsey admits there is a clear potential, but doubts are emerging while spending money and doing little.
From the point of view of economic theory, the path of development of the blockchain is not entirely surprising. It is a relatively unstable, expensive and complex child technology.
– McKinsey, the West problem of Blockchain
At the beginning of today, CI received a certain perspective from the supporters of the blockchain industry. These insiders commented on McKinsey's rotation on distributed register technology.
Angelo Versetti, CEO of Ambrosus, a decentralized IoT network for next-generation supply chains, said:
"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 the blockchain in terms of proposition of fundamental value: censorship-resistant ledger, universally reliable and without central point of error There is no other technology that has come anywhere near the creation of this in theory, let alone in practice, Blockchain is governed by mathematics and a fixed set of rules, executed in a transparent and verifiable way I think the problem is that during the hype many projects have tried to use blockchain for every single problem in the world (or even sometimes nonexistent problems), which has led to many failures.blockchain will not solve all the problems of the world, but in the proposition of fundamental value of integrity and immutability of data, blockchain is the king ".
Commenting on McKinsey's statement that companies are pursuing blockchain pilots for the value of reputation, Versetti has claimed that many companies are not doing blockchain pilots with cryptocurrencies or cryptographic companies due to reputational risks.
"The media has created a lot of bad press that portrays the encryption industry ripens with scams and scams, which has pushed many corporate actors to avoid cryptographic companies, instead they experiment internally or use white label solutions or corporate products like IBM Hyperledger In general, blockchain can enhance a company's reputation by showing the rest of the world that it is committed enough to the integrity and transparency of data to use blockchain because in blockchain (in a public, non-private network. !) Nobody can alone, or even with a coordinated effort, change transactions and change history, using blockchain can increase reputation. "
Brent JaciowHead of Blockchain Affairs at the music data tracking platform, Utopia Music, said that innovation is always a double-edged sword:
"On the one hand, innovation often drives efficiency which is a code word for a company that needs fewer people to complete the same workload. Innovation also leads to new lines of business and opportunities that did not exist before.The industry should focus on this and how the technology will expand and create new lines of business that will ultimately lead to a growth of employment in the future ".
Jaciow said that blockchain is still an emerging technology and developers must remove roadblocks to exploit the technology. In the end, technology must simplify the life of end users:
"This enterprise can be achieved by creating APIs that integrate into existing solutions or by developing a simple and easy-to-use user experience by integrating blockchain technology as back-end software." 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. "
As blockchain technology is the new splendor, companies are rushing to embrace technology, said Jaciow. By publicly publicizing their interest and their use of blockchains, companies are considered progressive or cold:
"Even if the customers of these companies eventually, the change should not be disruptive, but rather offer more functionality / usability in terms of additional features, speed or other benefits."
Robertas VišinskisFounder of Mysterium Network, a nonprofit security and privacy foundation claiming the world's first decentralized VPN blockchain project, said it is important to realize that blockchain is not just a technology but many iterations. He believes this socket is the basis for Web 3.0:
"While DACs and DAGs are becoming a" competition "for the blockchain, they serve a similar purpose – a (though faster) immutable ledger to create the foundation of a system without trust – so here it's all semantic. In the short term, the industry must focus on education and on the growth of its ecosystems in a way that anybody who is interested in learning about technologies that present themselves as disturbing factors that could potentially move jobs is a novelty. try to join this new economy can do it easily ".
What do you think?
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