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Much has already been written about blockchain technology and its potential to revolutionize business enterprises by providing fast, reliable and cost-effective data sharing solutions and business solutions. Many of the organizations have successfully implemented blockchain technology and are getting good returns on their investment. However, some technology executives do not seem to be hit by blockchain technology and have discovered that they are overwhelmed. Others have claimed that the adoption of blockchain technology has not brought a significant advantage to their companies and, on the whole, they have found the technology all but revolutionary.
Average results
Take, for example, the example of United Parcel Service (UPS) Inc., which has experimented with some blockchain functionalities, but has not yet been able to understand any significant advantages associated with the adoption of technology. Further elaborating, UPS's Chief Information and Engineering Officer, Juan Perez, said the company is experimenting with blockchain technology for the number of projects, including tracing and managing requests made to UPS capital: a division of a company that deals with finance and insurance of supply chain services. However, the company has not been able to find a convincing reason to continue. The executive said it did not see any significant benefit from the adoption of the blockchain in 2019 or mainly because the technology itself is undergoing evolution and progression. He noted that the process of evolution takes time and all the parties involved need to come together to analyze and evaluate the technology.
Similar views were expressed by the Chief Digital Officer and Executive Vice President of United Airlines Inc., Linda JoJo. JoJo said that the company has a small team dedicated to blockchain technology, but they are not sure how to integrate the technology into their business ecosystem and, more importantly, how the adoption of blockchain will bring extra profits to their account. Like JoJo, we have some technology executives who have analyzed the blockchain technology this year, although they are still looking for the best case for its adoption. Examples include IBM Corporation, Walmart Inc. and Nestle who are involved in creating a blockchain solution for monitoring the supply chain of the food business around the world. Some companies such as Merck Inc. use the blockchain to share data related to its drug delivery function, while others such as America Corp. have already anticipated and patented many of the blockchain inventions.
Future prospects
Gartner Inc., a technology-based research company, suggests that companies must now plan how they will use blockchain in the future. According to the company's forecast, the total value of the blockchain business will reach over $ 360 billion by the end of 2026 and may even exceed $ 3.1 trillion by 2030.
Despite these optimistic numbers, many believe that blockchain technology has been overwhelmed this year. According to the Chief Information Officer, E-Trade Financial Corp., Lance Braunstein, "Blockchain has received more attention than it deems appropriate".
