On May 1, Business Insider reported that Martin Walker, the director of the Center for Evidence-Based Management dismissed blockchain technology.
Walker thinks that blockchain is not that useful in potential benefits to the sector.
“All that it takes to make a credible idea into a fad is people just switch off their brains and stop thinking. Over 20 years in and around the banking industry — blockchain is a fad, but I have seen many fads in my career. If 10 percent of what I’ve heard in my career had come true, we would have these amazing banks that run for £1 a week.” Walker said.
Walker described the blockchain finance system as a hype and trend rather than a more serious thing. He also thinks that it is just a distraction from looking at getting some of the basics.
“Genuine innovation is hard. We’ve created what one of my colleagues calls ‘innovation theater.’ If you want to be seen to be innovative, all you have to do is a proof of concept using blockchain. It doesn’t matter if it doesn’t go anywhere.” He added.