Editorial

Oracle: Up to 60% of companies will be Blockchain users by 2022

But adds that customers are becoming ‘more realistic’ about how the tech can really help for their business model

Posted 10 April 2019 by

“My projection is that between 50%-60% of companies will use blockchain in the next few years.”

Yes – the statement above is from a group vice president of Blockchain product development.

But what is really significant is that the executive in question is a chap called Frank Xiong – who happens to work at a small software company you might have heard of called Oracle.

Speaking at the Forbes magazine CIO Summit in California at the start of the week, Xiong, who also heads up the enterprise software leader’s China R&D Centre, went on to claim that his company has north of 100 customers using its Blockchain platform already – with use cases including ensuring the olive oil you’re buying was really made in Italy, or that a manufacturer isn’t buying minerals that support armed conflicts.

So strong growth… but Xiong was careful to immediately tell delegates that the froth is finally blowing away: “We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model.”

Another speaker at the panel – Ted Kim, VP Blockchain at Samsung It services arm SDS – was much more cautious, it’s also worth pointing out, expecting only 20% of companies will be using Blockchain, a much lower figure than Xiong’s.

“There is tangible ROI [return on investment] in the Blockchain,” he stated, as “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.”

Go here for a longer description of the Forbes event from one of its in-house writers.