Blockchain technology initiatives are expected to reach new pinnacles this year. Many prestigious projects which began in 2018 will be coming out with their end-products or services in a few months which will clear the hype of this emerging technology. There has been much said about its benefits and advances but there are only a few successful examples present as of now. However, major finance consulting firms like McKinsey & Company have come out with pieces of evidence on blockchain with its practical scalable use cases.
McKinsey’s partners unveiled that the practical scalable usage of blockchain has no strong foundation. Also, there is nothing much obtained from this future technology as it was stated while setting up the objectives. In other words, it can be said that no major game-changing solution has been obtained considering the amount of time and money that has been already invested in it. Blockchain has been there in the market for over a decade now but the path of its development is relatively slow.
In addition to this, it is also added that blockchain technology initiatives have practical value in modern and niche applications. Since the technology is still evolving and in an unstable and complex mode, it can be of great help in demonstrating the ability in an initiative. as mentioned by Smartereum.
Other Blockchain Technology Predictions For 2019
According to Pymnts, the latest research by Zion Market revealed that blockchain global manufacturing subset will reach to a whopping amount of $307 million by 2024 with a compound annual growth rate (CAGR) of 76 percent within that time frame. It is further added that the usage of blockchain technology initiative is expected to a massive usage in the domain of supply chain management in the next five years itself. Also, this future technology is making huge progress in terms of investment and project development in the field of banking, finance, insurance and healthcare.
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