Blockchain will have a significant impact on various industries

Rage Comment : Deloitte may be the company that pays the most attention to blockchain technology among the "Big Four". Not only did it start investing in blockchain technology 24 months ago, but it also established a special blockchain development and research platform Rubix, which brings together more than 100 researchers from 12 countries. And in a few days, it will jointly host China's first blockchain hackathon with China Wanxiang Laboratory. For the Bitcoin community, it often complains that everyone pays too much attention to blockchain and ignores Bitcoin itself, but for financial institutions, they hope to obtain visible short-term benefits, and blockchain may be more in line with their interests.

It seems that the big consulting firms have finally noticed the important shift in technology trends, which started in the financial sector and then quickly spread to other sectors, and the consulting firms certainly don’t want to be left behind. David Schatzky and Craig Muraskin published an article in the Deloitte University newspaper titled “Beyond Bitcoin—Blockchain will have a significant impact on various industries”, which just repeats what everyone already knows.

“If you haven’t gotten on the blockchain train yet, you need to get on it. Blockchain technology is still in its developmental stages and is changing very quickly; full commercialization is still a few years away. However, in order to avoid major disruptions or miss opportunities, business strategists, planners, and decision makers in all walks of life must start studying the application of blockchain technology now.”

According to the authors, those in the industry who are not paying close attention to blockchain and its applications can consider strengthening cooperation with companies that are already involved in blockchain development to promote technological development and the establishment of an industry ecosystem.

Another consulting group, Ernst & Young, also warned banks that they are currently facing a serious threat from Bitcoin and Internet payment systems such as Paybal and Nutmeg. Imran Gulamhuseinwala, head of EY's Internet Finance Fintech department, said:

"Although this is a short-term trend, it is still a big threat to banks."

Do these consulting groups know enough about Bitcoin to help banks or other financial institutions and companies deploy Bitcoin? Bitholla co-founder Alireza Beikverdi told reporters,

“They are just looking at it because these consulting groups realise they are missing something. I don’t think they have enough expertise yet. You can see in the Deloitte report that the word ‘blockchain’ is used quite frequently and the word ‘bitcoin’ is used less frequently, which is consistent with the use of words by banks and governments. They are very careful to avoid using the word ‘bitcoin’ because banks attribute it to a negative meaning. The banks’ explanation of blockchain is correct, but no matter how much they avoid bitcoin, the whole article still talks about bitcoin.”

The sudden emergence of so many "speculators" such as consulting firms and consultants has reminded Manie Eager, president of the Canadian Bitcoin Alliance, of the scene a few years ago when Bitcoin was "just emerging" and then all the rage.

“Everyone is taking a favorable position for distributed ledger technology. Since the technology is still relatively new, just starting and developing, blockchain technology still lacks skills and expertise. The industry still needs huge integration and process development. Everyone claims that they don’t want to be left behind by the trend. In the process of development, it is unlikely that there will be a ‘final version of the application’, but there may be many uncontrollable ‘solution chains’, for example, side chains, multi-chains, cross chains, spacer chains, etc. are still evolving.”