McKinsey & Company, the major financial consulting company, insists, that for now, there are no evidences of the practical use of the Blockchain technology.
For now, the company reported a revenue of more than 10 billions of USD, with more than 27,000 employees globally.
The three McKinsey partners published an article, where they insist, that there is no evidence for the practical use of the blockchain. Especially considering the sum of money and time spent on it, there is not much achieved in the Blockchain industry.
They agree, that it is not as surprising as one might believe, because this is a technology that is in its infant stage. However, this technology is unstable, complex and very expensive. Based on their explanation, each product has to pass through 4 stages: pioneering, growth, maturity and decline. However, for many blockchain-based businesses, stage number two never happens. As well, they mention Occam`s razor – the principle of problem solving, that implies that the simplest solution is always the best one. It cannot be told about the blockchain. As well, they believe, that the blockchain use for payments might be an erroneous path.