Over time, there has been much speculation about the potential of blockchain technology and how it will change the world forever. Several books and articles have been written in this sense. Conferences, educational centers and research topics were devoted to the examination of the blockchain industry. Blockchain, undoubtedly, can revolutionize businesses because it helps to create an environment for secure transactions, thus increasing the efficiency and transparency of the data sharing process to establish the provenance.
While a host of experts believe in blockchain technology. There are some who do not think that blockchain technology has added much value to businesses in 2018. This group of people does not believe that 2019 will be different. For example, United Parcel Service Inc, began to conduct experiments on blockchain technology, but found no significant advantage.
CIOs are now encouraging everyone to stop digital transformation. UPS Information & Engineering Manager Juan Perez said his company is trying to understand the right business applications of blockchain technology. In September, a project was developed to track and manage logistics using blockchain technology.
The study by UPS Capital revealed that in 2019 there will be few significant benefits related to the implementation of blockchain technology. A part of Perez's report was as follows:
"I do not think there will be significant benefits in implementing blockchain technology in the year 2019. This is because technology is still evolving and maturing, and many parts have to come together to evaluate it."
The chief digital officer and vice president of technology at United Airlines Inc had similar ideas about technology. In his words:
"We have a team that looks at blockchain technology, but we're still looking for killer use cases."
Ms. Jojo is one of many executives who has seen projects throughout the year in an effort to find the best cases of blockchain technology. Some companies such as IBM Corp., Walmart Inc, and Nestle SA are some of the many who have tried to revolutionize the global food tracking network using blockchain technology. Merck Inc. is exploring the use of blockchain technology in shipping drug data while Bank of America Corp is examining patented blockchain inventions.
Another technology research company called Gartner Inc. recommends that companies begin to explore how to use blockchain in their businesses. Blockchain-based businesses are expected to increase by more than $ 360 billion by 2026. By 2030 the value of the blockchain business will increase by $ 3.1 according to Gartner.
Although some executives believe that blockchain technology is useful in many aspects of the business, many technology executives say technology has been overly publicized this year. Lance Braunstein, chief information officer of E * Trade Financial Corp said that blockchain has gotten more attention than needed this year. In his words: