Blockchain technology and adoption is about to explode. This is the prediction of the Massachusetts Institute of Technology (MIT) Technology Review, which expects blockchains to become commonplace this year. The Review sees 2019 bringing a serious amount of adoption of the technology, while, at the same time, asserting that blockchains will become “boring.”
According to the Review, “2017 saw the blockchain technology as a revolution designed to disrupt the existing global financial framework. In 2018, it turned out to be a disappointment. But in 2019, Blockchain technology will begin to become mundane.”
Even though it might be mundane, blockchain and distributed ledger technology (DLT) are changing the face of economies, financial systems and various industries across the globe. The Review points out that DLT has the potential to revolutionize healthcare, supply chain management, the entertainment industry and, maybe most importantly, the banking sector.
A number of large companies from across different industries have already begun to adopt blockchain technology as part of the core operations. Most notably, Walmart has seen huge advances in using the blockchain for its supply chain management and expects the onboarding of more of its suppliers. The Review explains, “Walmart has been testing the viability of the private blockchain system as a food supply tracker. It says it will begin to use the system in 2019 and has reportedly told its suppliers to join the initiative by September this year.”
Walmart’s foray into blockchain technology followed that of Carrefour, a supermarket chain headquartered in France with stores across Europe. It began using the blockchain as a means to ensure better food quality and safety.
Overstock, the eCommerce shopping company, believes in blockchains with such determination that it is going to forego retail to concentrate solely on the technology. The company’s founder and CEO, Patrick Byrne, recently stated, “The Blockchain technological revolution offers greater potential than anything we have ever seen in history. It is going to be bigger than the Internet revolution, in terms of how it will restructure the society.”
The auto industry is more than likely getting ready to embrace blockchains, as well. Many executives in the field have said that blockchain technology can offer better security and transparency, which will improve their supply chains and product quality.