Oracle group vice president predicts that 50% and 60% of companies will use blockchain in the next few years.
April 10, 2019. AtoZ Markets - The idea of blockchain was conceived 10 years ago and cryptocurrencies were born. Though 2018 was a year to forget for the digital assets, there have been some good runs in 2019. It's general knowledge that Cryptocurrencies still need mass adoption to fulfil their potentials. However, whatever happens to cryptocurrencies, one thing is becoming a fact - blockchain technology is here to stay. A panel of blockchain executives argued this at the Forbes CIO Summit on Monday in California.
50-60% of companies will use blockchain
A member of the panel, Oracle group's vice president of blockchain product development Frank Xiong projected that ''50% and 60% of companies will use blockchain in the next few years''. Blockchain was originally designed to support Bitcoin and other cryptocurrencies, but its usage has now gone beyond that and the world has begun to see.
The blockchain is a decentralized, shared and an open-source digital ledger that can be used to record transactions on many computers in such a way that no alterations can be done without the involvement of each of the constituent blocks. Companies can use its tools to track products, services or private information that passed through many hands. It can also be used by the governments as it enhances security, transparency, efficiency and traceability.
Oracle has its own blockchain platform with more than 100 customers. The technology helps users to track items. However, Frank admitted that blockchain is not perfect. He said ''we are past the stage that blockchain can cure everything, so people are becoming more realistic about what's good for their business model''. Companies need to do their own assessments to decide if the blockchain is worth it according to the executives on the panel.
Ted Kim, Samsung SDS's president of blockchain management, expects 20% of companies to be using blockchain in the next three years. He 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 chain, or how much inventory you need to create a better forecast''.
However, in spite of the blockchain widespread, some of its features are over-stretched. The panel believes that blockchain is still close in some aspect of its functionality to today's commerce system. Another executive, Daniel Jones, Bext360 CEO, a start-up software company spoke about the idea of blockchain allowing people to be decentralized and everyone having distributed trusted networks. He said ''I don't think that's possible. I think what we are going to see is companies vertically integrating, the Amazons of the world are going to continue to vertically integrate to the farm level''
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