During the Forbes CIO Summit in Half Moon Bay, California on Monday, industry leaders had strong predictions for the utilization of blockchain technology in the coming years. Monica Melton of Forbes reported on this event.
Oracle’s vice president of blockchain production development, Frank Xiong, stated:
“My projection is that between 50% and 60% of companies will use blockchain in the next few years. We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model.”
In an ever globalizing world, blockchain, or distributed ledger technology, is appealing for various international activities. Blockchain technology allows for data to be immutably stored while remaining transparent. As the ledger is maintained by impartial code, it removes the “middleman” and allows for peer-to-peer interactions in what is called a “trustless” environment. Interactions are called trustress because you do not have to trust any single entity to allow activity to occur on the blockchain; rather, as previously stated, the imparcial code behind the blockchain ensures that transactions are handled and authentic.
The Forbes article notes that while we are still years away from global adoption, large technology companies such as Oracle, IBM, and Maersk have “formed consortia around their blockchains, and many efforts are still in the pilot stage.” Specifically, the article notes Oracle has more than 100 customers using its blockchain. Their blockchain, for example, can ensure to wholesale purchasers and consumers that the Italian olive oil you are purchasing is truly from Italy.
“At the end of the day blockchain makes multipart collaboration more efficient, whether it’s having a consortium to track data on counterfeit getting into supply chains, or how much inventory you need to create a better forecast,” said Ted Kim, vice president in blockchain at Samsung SDS.
The article notes Kim expects 20% of companies will use blockchain technology in three years. “There is tangible ROI in the blockchain.”