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PWC Claims All Blockchain Projects Useless?

August 1, 2018

 

According to a PwC branch out of Switzerland, only the Blockchain projects that can be considered digital currencies can be actively used, at present.

 

Inside of the same article in which they discussed this idea, the firm attempted to clarify exactly why Bitcoin and similar networks rise above the rest.

 

For starters, PwC claimed that the most important initial step to take when considering the real-world utility of Blockchain projects is understanding the key types of Blockchain-based assets, which are “Cryptocurrencies,” “utility tokens,” and “security tokens.”

 

After defining the different types of digital assets that exist, the key official related to PwC’s report on the subject concluded that those which are Cryptocurrencies rise above the pack due to them being less tricky from a regulatory standpoint.

 

Furthermore, PwC based the crux of their argument on the idea that the consistent growth in usage of these networks backs up their utility.

 

In addition to all of this, there’s the fact that Bitcoin and projects like it were first movers in the space that have demonstrated their technical staying power, over time. In other words, if the technology that is meant to keep their Blockchains running and secure did not hold up, then the projects in question would have failed by now.

 

All in all, through a long discussion on the risks as well as the differences amongst the three major types of digital assets, the consultancy report concludes that the other types of assets fall behind, mainly because they did not come about at the same time as Bitcoin, for example.

 

Related to this, it is also suggested that these types of assets, like utility tokens that give access to Blockchain networks, will catch up to Bitcoin as they start to be adopted en masse.

 

To truly gain a level of adoption on par with Bitcoin, such projects will have to be seen as just as viable, which means introducing practices which truly aim to gain public trust can only help them in this direction.

 

For example, aspiring Blockchain networks that run on utility tokens could regularly introduce minimum viable products before running their ICOs.

 

Because of PwC’s overall opinion on ICOs, however, the overall situation ends up seeming quite muddled. Essentially, the official in charge of the article counseled all interested Crypto investors to stay away from ICOs due to the sheer number of them that regularly end up being scams.

 

 

By: BGN Editorial Staff

 

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