A recent study of BCG (Boston Consulting Group) claims that Blockchain technology is not usable for everyone.
“How do you follow a physical asset in a cyber world?”
Boston Consulting Group (BCG) had published a study on the integration of Blockchain technology in corporate systems. Many people think that the efficiency and transparency of Blockchain can be increased and the fraud risk can be minimised. Therefore they believe that the study has been exaggerated.
Simply Explained – Savjee
Antti Belt who is one of the researchers of the study stated that most of the Blockchain-powered projects are in pilot program status and none of them has been converted to production scaling system yet. According to Antti Belt, one of the major problems is that the system is not engineered for physical tasks.
Antti Belt commented:
Main Problem: It is a conflict between online and offline zones.
Blockchain technology is not suitable for all of the players!
Another point of the study is to harmonise the Blockchain platform with the long-time commonly used terminologies of different languages.
Antti Belt stated that:
People have already spent more than hundred million USD for IT systems. Would they prefer to spend again?
According to Antti Belt, the transparency feature of Blockchain technology will lead to price inefficiency and spreading of injustice on traders’ access to profit-seeking information. The study concludes that Blockchain is not a universal solution for all of the players. Notwithstanding, giant banks and companies including but not limited to Royal Dutch Shell, BP, Equinor, Louis Dreyfuss Co. and Trafigura state that they utilise Blockchain technology on their specific products.