Oracle: Over 50% of Global Companies will Use Blockchain in 3 Years

Companies all over the world are looking into blockchain technologies and finding different ways to optimize their business processes using the innovative technology.

While the mass adoption of blockchain and digital currencies may still be years away, many large enterprises have already adopted blockchain-based systems to track goods in a secure and reliable way. Moreover, according to Oracle experts, at least 50% of all companies around the globe will use blockchain by 2021.

“My projection is that between 50% and 60% of companies will use blockchain in the next few years,” Frank Xiong, the vice president of Oracle blockchain product development said recently at the Forbes CIO Summit in California.

He added that over 100 Oracle customers had been using blockchain platforms to track shipments and goods origins. However, Xiong believes that the we have passed the stage when blockchain was considered as a cure for everything. Both investors and companies have a more critical mind about blockchain use cases for their business models.

Blockchain makes multipart collaboration more efficient, however, the companies should perform a pain point assessment before deciding whether they need the technology and whether it will add value.