‘Magic wands’: Martin Walker tells blockchain highly overestimated

In the recent speech to the British Parliament Treasury Committee, Martin Walker from the Center for Evidence-Based Management has described those who praise blockchain as people who have replaced “could” with “is”. He has even compared the public reception of blockchain to “pixie dust” and “magic wands”.

And indeed, the market’s reception of blockchain technologies is far from being realistic. This has been best witnessed in the case of Long Blockchain - a company previously engaged in tea business has renamed itself and immediately grew in price, which later has become a reason for its exclusion from NASDAQ.

However, the appraisal of the blockchain tech from vast enterprises and the existence of joint blockchain-focused corporate alliances similar to R3 indicates that blockchain has some actual structural advantages nobody wants to miss. While it may not be a total panacea or the tool of complete society transformation, it might prove useful in database management and payments.

The United Kingdom continues to assess the benefits and disadvantages of the crypto market and blockchain technologies. CryptoUK, a self-regulatory organization currently consisting of 8 companies, has recently communicated with the Treasury to ensure its interests are taken into consideration.

Image courtesy of 123RF