Frank Xiong, vice president of blockchain product development at Oracle’s group is of the opinion that in the next three years, 50 to 60 percent of companies around the world will adopt blockchain technology. The VP’s statement was made while at Forbes CIO Summit in Half Moon Bay, California on April 8.
More Companies Will Adopt Blockchain in the Next Few Years
According to Frank Xiong, more companies around 50 to 60 percent will incorporate the distributed ledger technology in their processes. He added that we have gone past the stage where blockchain is the cure for everything, but this time around, companies know what’s good for business.
Forbes also revealed that Oracle has about 100 companies which are currently using its blockchain-based platform to track the supply chain of goods. Blockchain’s traceability feature helps customers of these companies to ascertain the origin of such products. It also enables them to determine if a company’s raw materials are not supporting armed conflicts.
Companies Need to Ascertain if Blockchain is Worth the Cost
On the other hand, two executives of the event outlined that companies need to ascertain if blockchain is worth the cost before using it for their business. Ted Kim, vice president in blockchain at Samsung SDS who made comments also said:
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
Blockchain Has Gotten Several Use case Across Different Platforms
So far, blockchain has gained several use cases in different sectors of the economy. While many may not support Bitcoin and other cryptocurrencies that are backed by the distributed ledger, they are keen on blockchain itself. What each of them believes is that blockchain technology has real-life applications and can be more impactful in a few years time.
In the social media industry, platforms like DLive and Steem are based on the blockchain. Facebook has also been hiring blockchain experts which is believed to be part of its plans to launch its own cryptocurrency. Tippin, a Bitcoin donation button is also employed on Twitter to reward content creators.
The same can be said about a number of banks like JP Morgan and Julius Baer which are planning to offer digital asset services to their clients. In the same vein, the World Economic Forum on March 27 revealed that 44 central banks have been experimenting and researching in the area of the blockchain. Some of them have an interest in central bank digital currency (CBDC).