Oracle vice president of blockchain development Frank Xiong told Forbes CIO Summit that he predicts over half of companies will use blockchain technology in the next three years. Blockchain, a technology made famous by Bitcoin, has been spreading into a variety of sectors. Oracle has more than 100 customers using its blockchain platform for the purpose of tracking items.
While not a perfect solution for all businesses, people are more realistic in their expectations of the technology. Samsung SDS vice president Ted Kim agrees. “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,” says Kim. “There is tangible ROI in the blockchain.”
Bext360 CEO Daniel Jones disagrees with Xiong’s blockchain forecast. “People are predicting that the blockchain will allow people to be decentralized, that everyone will have distributed trusted networks,” says Jones. “I don’t think that’s possible—I think what we’re going to see is companies vertically integrating, the Amazons of the world are going to continue to vertically integrate to the farm level.”