Blockchain could be used by at least 50% of all companies within 3 years, Oracle exec says at the ForbesCIO Summit
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“My projection is that between 50%-60% of companies will use blockchain in the next few years,” said Frank Xiong, Oracle group vice president of blockchain product development at theThe enterprise software maker has more than 100 customers using its blockchain platform to track items for reasons such as ensuring the Italian olive oil you're buying was really made in Italy, or that a manufacturer isn't buying minerals that support armed conflicts. But it's not a magic bullet.
Despite the buzz, uptake is still early. Large technology companies like IBM and shipping giant Maersk, and Oracle, have formed consortia around their blockchains, and many efforts are still in the pilot stage. Others, such as, say they're waiting for global standards before they jump in. “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, a unit of the electronics manufacturer that provides IT services, including a pilot projects to track cargo from Korea to Europe using blockchain.
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