McKinsey: Despite Billions of Dollars, Corporate Blockchains Have Achieved Little

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During the last 18 months, companies have claimed to be able to use blockchain technology to improve the supply of everything from vegetables to automobiles. An increasing body of evidence, however, suggests that the reality has failed to match the hype. Also Read: Phillip Frost Agrees to Settle Riot Blockchain Related Case for $5.5M Billions Wasted on Blockchain Pilots McKinsey & Company, the American management consulting firm, has released a report on the state of blockchain technology in business. It found that of the over 100 supposed use cases presented, the vast majority of pilots and proofs of concepts are still stuck in “pioneering mode” or are being shut down while many projects have failed to raise Series C funding rounds. This is despite the fact that a lot of money has been pouring in to the field. The report notes that VC funding for blockchain startups reached $1 billion in 2017. IBM has spent over $200 million on a blockchain-powered data-sharing solution, and Google has reportedly been developing blockchains since 2016. The financial industry also spends around $1.7 billion every year on experimental tech, the report adds. “A particular concern, given the amount of money and time spent, is that little of substance has been achieved,” the McKinsey team explains. “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, and nearly as many headlines,…
Source: McKinsey: Despite Billions of Dollars, Corporate Blockchains Have Achieved Little

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