Cryptocurrencies and blockchain are immature, but they have potential, according to PwC report

Blockchain technology is the reality, though it might take time before it takes shape and develops to the point when it has a potential to impact business and the way we do things, the recent report by Roland Stadler from PwC Switzerland shows. 

The expert believes that it is hard to predict the cryptocurrency impact on the economy and society at this stage; however, it is essential to understand the basics of the new technology in the business context.

"Bitcoin is a new currency that is independent of any particular nation-state. Following the spread of the internet and the transformation of many sectors as a result of digitization, there is a good chance that the concept of “money” could be called into question. This is fascinating from a technological, sociological and economic perspective, and offers many new opportunities for innovative business models. That is why you should be interested in Bitcoin & co," he writes. 

While recognizing the disruptive potential of digital assets, Stadler urges to stay away from ICOs as they are overhyped and won't result in anything serious.

"Stay away from the current ICO hype. It's mostly scams, and even honest projects are so small that the market is easily manipulated," he adds

Meanwhile, the majority of top-10 cryptocurrencies stay in red except for XRP and Stellar. Bitcoin is down over 5% on a daily basis, trading at $7,586; ETH is changing hands at $423, losing 5% since this time on Tuesday, while XRP has gained 2.5% to $0,4476.