McKinsey & Company, the American management consulting firm, has released a report on the state of blockchain technology in business. It found that of the over 100 supposed use cases presented, the vast majority of pilots and proofs of concepts are still stuck in “pioneering mode” or are being shut down while many projects have failed to raise Series C funding rounds.
This is despite the fact that a lot of money has been pouring in to the field. The report notes that VC funding for blockchain startups reached $1 billion in 2017. IBM has spent over $200 million on a blockchain-powered data-sharing solution, and Google has reportedly been developing blockchains since 2016. The financial industry also spends around $1.7 billion every year on experimental tech, the report adds.
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