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Frank Xiong, vice president of blockchain product development at Oracle believes that “between 50% and 60% of companies will use blockchain in the next few years.” Mr Xiong made this statement at the Forbes CIO Summit in Half Moon Bay, California on Monday this week. This is a huge prediction for blockchain, but is it true?
Blockchain is hugely popular at the moment. In the last few years, there has been a spike in start-up companies specializing in blockchain technology ventures as well as large corporations delving into blockchain. American Express, Apple, JPMorgan & Chase, Samsung, Microsoft, and Alphabet Inc (Google) are just a few companies which have blockchain projects.
“We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model,” Xiong added.
Oracle are blockchain tech enthusiasts. They have their own blockchain platform product available for enterprises and according to Forbes it currently has more than 100 customers using the platform. Oracle has also recently partnered with SDK, a European fintech startup that specializes in payment platforms for banks. Oracle plans to integrate their blockchain platform solution in order to improve payment processes. It’s no surprise then that Oracle has such ambitious predictions for the future of blockchain.
There is a lot of excitement for blockchain in the banking space. With our current systems, transferring large amounts of money can be tricky and time-consuming, but with a blockchain solution, transactions can be processed almost in real-time. This is a major improvement for the banking industry, and many of the world’s largest banks are seriously considering, if not already taking action towards this direction.
Ted Kim, vice president of blockchain at Samsung SDS 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.”
However, Kim’s opinion on the growth of blockchain isn’t quite as ambitious as Xiongs. Kim predicts that in three years, 20% of companies will be using blockchain.
Most industry experts would agree that blockchain has huge potential to transform the way we run our businesses and the modern world; however, it may not be a quick as some would hope. A lot of companies, and particularly banks, run on old IT infrastructure that will need to be removed and replaced. This process is both time-consuming and costly.
Adding to this, there are a number of companies which won’t see any urgent need to shift to blockchain within the next couple of years. For some companies, a blockchain solution will essentially be a database upgrade and they won’t make the jump until they need a new database.