50% of business to use blockchain in next few years, Oracle exec says

Ten years after the idea of blockchain was born, the decentralized ledger is being used for more than just cryptocurrencies.

At Forbes CIO Summit on April 8, executives gathered to discuss how blockchain has blossomed and its potential for the future.

"My projection is that between 50 percent to 60 percent of companies will use blockchain in the next few years," said Frank Xiong, group vice president of blockchain product development at Oracle.

More than 100 customers are using Oracle's blockchain, which tracks items to ensure they are being properly manufactured and produced. But, the team at Oracle understands blockchain isn't a cure-all.

"We're past the stage that blockchain can cure everything, so people are becoming more realistic about what's good for their business model," Mr. Xiong said.

IBM and Maersk are two other large competitors in the blockchain space. When companies in other industries are looking to adopt blockchain, it can be a tough decision on whether to build the technology in-house or form a venture.

"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," Ted Kim, vice president of blockchain at Samsung SDS, said to Forbes. "There is tangible [return on investment] in the blockchain."

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