Many Crypto Firms Hold a Critical View of the Latest McKinsey & Co Report, Here’s Why
Consultancy group McKinsey & Co’s recently published report on the current state of the blockchain industry has not gone down well with many people involved with the cryptocurrency space.
For starters, the report states that while crypto technology definitely possesses a lot of “potential”, it has not been able to deliver the masses with any tangible mainstream use-cases.
A Detailed Look at the Report
While the aforementioned report is not totally critical of blockchain technology, it does go on to say that the amount of money that has been pumped into this nascent domain has not necessarily translated into anything of “massive substance”.
Not only that, the authors of this study then go on to state that the teleology is currently “unstable, expensive, and complex.”
McKinsey report on Blockchain, Jan 4: "The bottom line is that despite billions of dollars of investment, and nearly as many headlines, evidence for a practical scalable use for blockchain is thin on the ground." https://t.co/h10JwTReu3
— Dale Sanders (@drsanders) January 6, 2019
Lastly, the research also highlights some of the skepticism surrounding crypto technology and whether it is the simplest solution to solving many of today’s financial/payment issues.
Crypto Firms Shoot Back at the Reports Unfounded Claims
As is clear by now, McKinsey’s report is aimed to not only minimize the significance of blockchain technology but also to present it as a lacklustre digital offering. In this regard, owners from many of today’s top blockchain firms have come forth and debunked the claims put forward by the report.
For example, Ambrosus CEO ‘Angel Versetti’ recently went on record to state that the technology has been a game changer for the supply-chain industry— since it provides large scale businesses with a transparency-driven management protocol that has never been seen before. On the matter he further elucidated:
“The report claims that competing emerging technologies are hindering the progress of blockchain, however, I think there is no technology that really competes with Blockchain in terms of its core value proposition: censorship-resistant, universally trusted ledger of transactions and contracts with no central point of failure,”
Similarly, Utopia Music CEO Brent Jaciow also added that while blockchain tech was still an “emerging industry”, there was no denying that it’s impact today could be felt all across a wide variety of industrial domains.
The McKinsey report lays out a whole host of regulatory, scaling, and security concerns that have already been featured heavily in the criticism of blockchain technology in the past.
However, what is most distressing is the fact that the study reads like it has some agenda attached to it. Let’s hope that from here on end, the studies that emerge in relation to blockchain tech are more objective and free from any personal preferences and biases.