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The report highlights that an important group of financial institutions and companies that have carried out concept tests (PoC) consider that “the practical and scalable use of blockchain is scarce”.
The solutions that involve DLT are in full development. They need more investment and experience to be implemented commercially since they are still very unstable.
In the article entitled “Blockchain’s Occam problem” it is highlighted that, only in 2017, companies interested in blockchain technology invested more than 1 billion dollars. These include corporations such as Google and IBM; the latter has invested more than 200 million dollars in the development and application of this technology to projects related to the Internet of Things (IoT).
McKinsey researchers say that although there have been large investments in this sector and have identified more than 100 cases of blockchain use in financial services, health and the art industry, companies believe that the development of Distributed Accounting Technology (DLT) in the short term has not been as expected.
Unlike what was believed a few years ago – when blockchain was promoted as a technology that could solve any problem and benefit any platform – today it is recommended that such networks should only be implemented in cases of use where they are the best and simplest solution; a new vision that has also been promoted by the National Institute of Standards and Technology of the United States.
The report states that more and more companies have begun to recalibrate their business strategies with blockchain. With this they recognize that it is a technology that is still in a very immature period, which needs cooperation between companies for its proper development and which faces a certain social, cultural resistance, elements that play against it.
Beyond the limitations, for the moment we know that blockchain has been very successful for use cases such as supply chains, land registration, stock exchange, KYC and digital identity; sectors where it stands out as a highly beneficial and revolutionary solution.
The McKinsey document concludes that 2019 and the years ahead could be marked by better focused blockchain projects with more intense scrutiny; which, in turn, could open new standards of data and governance in companies.
Source: www.criptonoticias.com
Learn more about the Blockchain technology at icashweb.com
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