Bitcoin has become the poster child of the entire blockchain technology. Yet it will be unfair to categorize the tech based only on the cryptocurrency. At the recent World Economic Forum in Davos, a survey revealed that people believe that a tenth of the world’s GDP will be entrusted in blockchain by the year 2027. Massive investments are also being bet blockchain, with market leaders such as IBM pinning large hopes on it. However, the technology is still in its nascent stage so not matured completely. Consulting giant McKinsey leveraged its massive business analytics capabilities to carry out a detailed industry-wise study on the feasibility of blockchain across each sector. It so emerged that at this point it has the highest potential in the public sector and the least in arts and recreation. Technology, media, telecom, financial services, insurance, healthcare and surprisingly even agriculture get ranked in the middle. Others towards the bottom are mining, property, utilities, transport and another surprise- logistics. Five common myths exist around blockchain, one of them already discussed is its association with bitcoin, while it is much more. Another is that it is superior to all traditional data warehousing platforms, whereas in truth it only works bets in low-trust environments. Neither is it tamper-proof as popularly believed. It isn’t completely secure yet either. Its verifiability is still debatable, but people are working towards it.


Uploaded Date:21 July 2018

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