Consulting giant McKinsey & Co recently published a report on the state of the blockchain industry, claiming that while crypto technology has potential, it has been unable to break away from the early “pioneer” phase with most use cases failing to take off.
The report is not entirely critical, stating that blockchain is viewed as a potential game-changer in many industries. It does, however, point out that a huge amount of money has been pumped into blockchain projects, adding the view that “little of substance has been achieved.”
The consulting firm states that blockchain is an infant teleology that is “unstable, expensive, and complex. It is also unregulated and selectively distrusted.” A chart is included in the report, illustrating the industry struggling to emerge from the first stage of a four-stage cycle moving from pioneering to growth, maturity, and decline.