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Much has been written about the potential of the blockchain to revolutionize businesses by ensuring transactions, increasing the transparency and efficiency of data sharing and establishing the origin. Some technology executives, however, are not convinced.
Some said the blockchain did not generate much value for their businesses in 2018 and remain dubious about its promise next year.
United Parcel Service Inc., for example, is experimenting with blockchain in a proof-of-concept test number, but has found little evidence of significant benefits.
Juan Perez, UPS chief engineer and information officer, said the company is evaluating appropriate business cases to use the technology. In September, an experimental blockchain project to manage and track the status of requests it was in progress to UPS Capital, a division that provides supply chain finance and insurance services.
"I do not expect any significant benefits in 2019, mainly because the technology itself continues to evolve and mature … it requires many parties to come to the table to participate and evaluate the technology," said Perez.
Linda Jojo, vice president of technology and chief digital officer of United Airlines Inc., has similar ideas on technology: "We have a small team looking blockchain, but we they're still looking for the killer's use case, "he said.
Like Ms. Jojo, many technology executives have overseen projects this year to find the best case for blockchain technology. Walmart Inc., IBM Corp. and Nestlé SA they are among the many companies that build a blockchain to redo the way the industry tracks food all over the world, for example. Merck Inc. sees it as a way for share drug delivery data. Bank of America Corp. has patented blockchain inventions.
Technology research firm Gartner Inc. recommends that companies start planning now how they will use the technology. The business value of Blockchain will grow to more than $ 360 billion by 2026 and will then increase by more than $ 3.1 trillion by 2030, according to Gartner.
However, some technology executives say that blockchain has been largely over-publicized this year. "Blockchain generally got more attention than I thought was justified," said Lance Braunstein, Chief Information Officer of E * Trade Financial Corp.
