Blockchain Adoption Is Still At Its Early Stages According To Wall Street Journal CIO Network

Blockchain technology was invented about ten years ago as the technology underpinning Bitcoin. At the time, many people believed that cryptocurrencies were the only use cases of blockchain technology. After a while, developers discovered that there are so many other use cases of blockchain technology other than cryptocurrencies. Little by little, the technology has begun to take roots. There have been advancements in blockchain technology that have led to its integration in many sectors including real estate, data management, ID management, medical sector, etc. Notwithstanding, the adoption of blockchain technology is still at its early stages according to the Wall Street Journal CIO Network.

Enterprise Blockchain Technology Is At Its Early Stages Of Adoption

The Wall Street Journal CIO is made up of technology experts and chief information officers from the biggest companies around the world. These experts have said that even with all the progress that has been made so far, blockchain technology is still in the early adoption stages. This was during the annual meeting of the Wall Street Journal CIO Network.

During the event, different experts from large corporations, startups, and government agencies talked about their view on the progress of enterprise blockchain technology. While there are many use cases of enterprise blockchain technology at the moment, these practical use cases are not being implemented large scale. The director of JPMorgan and Chase’s head of blockchain center of excellence, Christine Moy, said that “these incremental use cases will evolve into something larger.”

Another executive, the senior V.P of IBM’s blockchain technology division, Bridget van Kralingen, said that the use cases of blockchain technology in business will be centered around data management. She said that there will be an increasing use case of blockchain technology in document flow and authentication in the business sector. She also acknowledged that it is still in the early stages.

Stephen Messer, the chairman, and co-founder of Collective said that a technology like artificial intelligence has the potential to improve workflow in different sectors. In his words:

“In sales, AI can help with basic automation and foster better business analysis. The company uses data, artificial intelligence and predictive technologies to help sales professionals assess which potential deals are most likely to close. That insight can help managers decide where to focus team resources.”

Adding to that, Messer said that it’s going to be a challenge for companies to appreciate the value of artificial intelligence because they aren’t patient. They are still skeptical about the value of AI and want solutions that will provide instant results.

The bottom line is that blockchain technology and artificial intelligence have gained traction since inception. This is why the hunt for blockchain developers increased significantly in the United States last year. Job openings for AI specialists made up for 6 out of every 15 emerging job posts. Still, massive adoption has not been reached. The main reason why AI hasn’t reached the masses is cost. The cost of integrating artificial intelligence is relatively high. The same thing can be said about blockchain technology. In the next ten years, these two, and other emerging technologies will gain more traction.

Why do you think enterprises are yet to fully embrace blockchain technology and artificial intelligence? Feel free to comment.


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