It is a change of mind, provoked in the Blockchain-scene defense reactions. Three partners of the consulting firm McKinsey & co. stated: “Despite billions of dollars in investment and almost as many Headings on documents for the practical, scalable Use of the Blockchain remain thin on the ground.”
The technology that came with the crypto currency Bitcoin in the world, had not come over the prototype stage. Two years seems to have so little done: the Swiss consultancy firm, Deloitte has located the Blockchain is already the end of 2016, at the beginning of a “standardization phase”.
Blockchain does not come from the pioneer-Phase
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For many applications – for instance payment transactions – the Blockchain is the easiest solution, my the McKinsey consultants. So far, the technology only for niche, it will be used, as a catalyst for the modernization of business processes and for reputational reasons.
Even 2016 financial were services in the focus. “Technical problems were solved, and the regulators were responsive,” say the consultants. But after that, no progress was made were missing. Instead of financial services, for which the Blockchain was originally developed delivery chains, probably the most promising area of application. This was confirmed by a survey company.
supply chain instead of payment
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In many projects, the cash flow falters. Many have financed through the issuance of a own crypto-currency (Coins) – the sums in some cases reached several Hundred million dollars. The volume of this Initial Coin Offerings (ICO) in the past few months, completely dried up. Good projects but would continue to find funding, says Investor Heinrich Zetlmayer – the hurdles are higher: “The projects are now rated according to how much revenue and customers are to be expected.”
ICO broke
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Blockchain-entrepreneur Arno Laeven, McKinsey maintains, to see the new technology as a simple tool in order to solve existing problems. It is but to develop a solution for future problems, such as when machines operate independently of people in the economy. Blockchain is not just a tool, but a “Game Changer,” writes Laeven.
Also, Jochen Möbert, an Analyst at Deutsche Bank, sees the Blockchain as the ideal Instrument, “when it comes to data reliably on a decentralised basis”. This is particularly due to the spread of artificial intelligence is enormously important: “So you can avoid that all threads are in a Hand.”
“The Blockchain Revolution is not cancelled.”Jochen Möbert, an Analyst at Deutsche Bank.
Möbert is not, however, noticed that in the case of the so-called Public block chains, the are solutions such as Ethereum, which can be used by the General Public, the targets were missed. “A lot of smart people working there, but the challenges are just very large,” says Möbert. The utopia of enthusiasts could continue to be a reality, but “we are in a Situation such as that at the beginning of the nineties in the development phase of the Internet.” It could take decades for the applications to enforce. “The Blockchain Revolution is not cancelled.” Private Blockchain projects – the only certain participants to allow – could boast of successes. “There are a lot of projects, it was quiet, but financial services providers continue to work,” says Möbert. This is also a project for the payments belong to.
Not only technology calls
in addition to the technical development Möbert sees the challenge for society and the world of work as obstacles. “What I miss the thinkers, is to succeed an idea of how the Transition from our hierarchical economic system to a Peer-to-Peer System on the Basis of Blockchains.” There were missing answers, as you can replace the existing systems, without provoking great resistance. “What happens, for example, with pension entitlements, if we use crypto-currencies?”
The Blockchain-the development of it in the public’s perception is difficult: it is complex and a little grippy. Also when it comes to success, will he be going to take place quietly.
“the Blockchain is not a niche phenomenon”
Heinrich Zetlmayer, founder of Blockchain Valley Ventures, observes a professionalization of the scene.
Mr Zetlmayer, McKinsey consultants do not criticize that many Blockchain projects come through the pioneer phase. Is that true?
doubts as to the meaning of the Blockchain will always be expressed, even if McKinsey has, of course, a special weight. And it is right that applications that earn money , yet scanty are sown. But it would be a mistake to believe that commercially successful applications still have to wait long. An example of Asset Tokens, which are assets on the Blockchain that can be traded. There are several trading venues that are approved by the Regulator.
But not a certain amount of disappointment in the scene?
If anyone has expected that one can build within a few months, a billion-dollar business, then it was covered for sure. A comparison with the history shows that such developments need some time. Amazon was founded in 1994. It took many years until the business could be large. The proliferation of Blockchain applications, will possibly go faster than the Internet, but not within months. It would have been a mistake, the development of Internet business models in 1996 due to the lack of commercial success, cancel.
It means that the Blockchain is only in a few cases, the right solution.
It is wrong, if the applications are dismissed as a niche phenomenon. But much of it will run in the Background. Users don’t get then that you interact with a Blockchain.
In the past few years, has gone through Initial Coin Offerings a lot of money in projects. This source is now dried up. This does not slow down the development?
the volume of the ICO is, in fact, plummeted from the third quarter of 2018. In the Boom, too many ridiculous projects were including. Then there was a consolidation and professionalisation. Investors are more interested in projects that use the Blockchain. You will now be evaluated according to the classical approach, after sales maintenance and customer base. These are often companies that already have an existing business model and it is with the Blockchain want to improve.
(financial and economic)
Created: 24.01.2019, 13:59 PM
