Page 28 - June 2018 Disruption Report Flip Book

BLOCKCHAIN ADOPTION
JANJUNAERY20210818
“The current development stage of blockchain is just like the 90’s of the Internet,” said Xin Song, CEO of Bottos, a blockchain platform used by AI companies. “Not many people in the 90’s expected that right now everyone would be using the Internet. You didn’t need to understand what WWW meant, or what HTTP meant. You just use them every day. Blockchain is the same thing. You don’t have to know what blockchain does or is so it should be much shorter, especially with so much capital injection into the industry. The developers are working on improving the efficiency scalability. You will see more and more applications of blockchain into society and within five years you will see blockchain in your life every day.” (Bloomberg’s Accounting Blog, Todd Cheney, 05/23/18)
“2018 will be a torrid year for blockchain technology,” according to Global Data. “As the cost and complexity of implementing blockchain solutions becomes apparent, many of the early blockchain projects will either be quietly shelved in favor of more traditional approaches or they will evolve in a way which reduces their dependence on blockchain technology. While blockchain technology will have lost its gloss by 2025, it will have found its way in to the heart of many key business processes; especially those involving multiple, disparate, participants.” (Blockchain—Thematic Research, Global Data, May 2018)
The next blockchain phase: going live
At Recode’s Code 2018, Bridget van Kralingen, SVP, IBM Global Industries, Platforms and Blockchain, described how a blockchain “in production” has transformed food safety:
It is very early days with [blockchain] technology and I think we’re just really starting to see
it unfold and its potential unfold. A great example, I think, of the potential power is one which we’re calling food trust. This is a blockchain which has been built specifically for tracking and recalling for the provenance of food. It’s been built with companies like WalMart, Unilever, Dole, Nestle, Kroger, Tyson—the big names in food.
Today about 420,000 people die every year because of food poisoning, millions get sick. Best- in-class for food recall is WalMart, which takes six days and 18 hours. On a blockchain, which this group of companies have trialed with us over the last year, it’s up in production with millions of SKUs and transactions going on it. The recall and tracking is within two seconds. So this has tremendous implications for speed of recall safety and the provenance of your food.
...The blockchain offers a unique ability in a distributed way to share information between many, many parties simultaneously without having to have a bilateral document flow between parties
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