Consultancy giant McKinsey has added to growing doubts around the viability of blockchain in the payments sector, floating the idea that the billions being sunk into experimentation may ultimately be in vain.
The technology, which is best known for underpinning cryptocurrencies such as Bitcoin, has attracted significant attention across the global financial services sector since 2015.
But according to a report by McKinsey published this month, the estimated $1.7bn spent each year by financial firms on experimenting with blockchain is being accompanied by “a growing sense that blockchain is a poorly understood (and somewhat clunky) solution in search of a problem”.
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