Globally-renowned consulting firm McKinsey has released an article that describes the blockchain industry as not having met its expectations or “struggling to emerge from its pioneering stage.”
Titled “Blockchain’s Ocean Problem,” the article takes a deep dive into blockchain’s applicability in several use cases, particularly financial applications, stating that blockchain should only be used when it is the simplest solution available.
The article reads:
…little of substance has been achieved. Of the many use cases, a large number are still at the idea stage, while others are in development but with no output. The bottom line is that despite billions of dollars of investment…evidence for a practical scalable use for blockchain is thin on the ground.
The authors apply the economic life cycle theory to the industry, saying that blockchain is still in the phase where return on investment is negative.
According to them, many applications remain in the…