Various companies all over the world are using blockchain technologies and looking for different ways to enhance their business processes with the help of this modern technology.
As of now, the mass adoption of blockchain and cryptocurrencies is still years away, various organizations have started adopting the blockchain-based system in order to track goods in more reliable and secure away. The Vice President of blockchain product development at Oracle said, around 50% of companies all over the world will be using Blockchain technology in the next three years.
Frank Xiong recently attended Forbes CIO Summit in Half Moon Day at California, where he said, "My projection is that between 50% and 60% of companies will use blockchain in the next few years."
Also, Xiong thinks that people have become very much realistic about how blockchain can affect various business models:
"We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model."
As per details shared by Forbes, Oracle has 100+ customers who utilize the blockchain platform in order to track items for different purposes. For example, a customer wants to make sure that olive oil in which he/she is buying is made in Italy and maker is not buying minerals which result in conflicts. Likewise, customers are using Blockchain technology for different supply chains.
Oracle has earlier released a suite of software-as-a-service (SaaS) applications depending on the Oracle Blockchain Cloud Service in October 2018. The latest service let customers track products via supply chains, more transparency, fast product delivery, and more customer satisfaction.
The blockchain is mainly a type of shared database which enables users to share identical copies of information on different platforms. In the last two years, it has shifted focus on supporting digital currencies like bitcoin to a tool used by firms in order to properly track products or private information which reaches to many people.
The blockchain is responsible to make multipart collaboration effective, but firms should follow a step-by-step assessment before agreeing they should adopt the technology and whether it will increase value.