Oracle Exec: 50% Of Companies Will Use Blockchain Tech in Next Three Years

Blockchain technology could possibly be used by 50 percent of all companies within the next three years, the vice president of blockchain product development at software company Oracle said on Monday, April 8.

Frank Xiong participated in the Forbes CIO Summit in Half Moon Bay, California, where he estimated that 50 to 60 percent of companies will use blockchain technology in the next few years.

At the same time, Xiong believes that people have become much more realistic about what blockchain can affect in various business models:

“We’re past the stage that blockchain can cure everything, so people are becoming more realistic about what’s good for their business model."

According to Forbes, Oracle currently has more than 100 customers using its blockchain solution for supply chains. As Cointelegraph previously reported, the company launched a suite of software-as-a-service (SaaS) applications based on its Oracle Blockchain Cloud Service in late October 2018. The offering purportedly enables customers to track products through supply chains, increase transparency, accelerate product delivery, and improve customer satisfaction.

More recently, Oracle partnered with a European-based fintech startup SDK.finance that offers a payment platform for banks and financial institutions. The company will use Oracle Blockchain Platform to improve its payments processes and remove intermediaries.

A recent survey conducted by Big Four auditing firm KPMG shows that high-profile executives are interested in blockchain, but mostly delay its adoption in their companies.