American worldwide management consulting firm McKinsey & Company doesn't see the big appeal of the blockchain technology among retail banks, Bloomberg reports.
The management firm argues the technology is facing greater challenges in reaping its potential benefits.
Matt Higginson, one of the authors of the McKinsey & Company's report, said in an interview with Bloomberg that one of the reasons why blockchain slips in its adoption is "a tougher regulatory environment for consumer finance and the success of existing alternative payment services such as Zelle."
However, McKinsey points out blockchain may save approximately $4 billion a year as a fundament technology in cross-border payments.
Earlier iHodl reported that large French multinational retailer Carrefour SA admitted a large sales boost thanks to the integration of blockchain tech to track daily consumption products from farms to stores.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.