Blockchain in 2019: A Reality Check
As we usher in the new year, senior executives from major players like United Airlines (UA) and UPS have taken a step back from the blockchain hype. In an interview with the Wall Street Journal, both leaders expressed cautious optimism about the technology’s future. UPS’s chief engineering and information officer, Juan Perez, highlighted the company’s commitment to exploring blockchain while remaining realistic about its present capabilities.
Searching for the Killer Use Case
Linda Jojo, UA’s executive vice president of technology and chief digital officer, echoed a common sentiment in the industry: “We have a small team looking at blockchain, but we are still searching for the killer use case.” This phrase is one that has been uttered repeatedly, signifying the quest for a practical application that can truly leverage blockchain’s capabilities. Without it, the excitement can feel more like a mirage than a tangible innovation.
The Mixed Reviews of 2018
Reflecting on the past year, blockchain has had its ups and downs. At the beginning of 2018, merely incorporating the term ‘blockchain’ into a business name led to soaring share prices. However, as the year progressed, many companies questioned the technology’s maturity. Some experts argue that blockchain is still too nascent to deliver on its revolutionary promises.
Survey Says…
Despite the skepticism, interest in blockchain remains palpable. A recent survey by Tata Communications revealed a 44 percent uptake rate among international respondents. This indicates that while many businesses are exploring the potential of blockchain, there’s a lack of widespread implementation and understanding.
Government’s Interest and Strategic Moves
Governments worldwide are also keeping a keen eye on blockchain. For instance, Italy recently published a list of 30 “high-level experts” tasked with developing an official state strategy relating to the technology. This initiative shows that while adoption may be slow for companies like UA and UPS, government bodies are laying the groundwork for a future where blockchain could play a significant role.
The Future: Need for Collaboration
As both executives emphasize, the pathway to successful blockchain adoption hinges on collaboration. Perez noted, “The technology itself is continuing to evolve and mature. It requires a lot of parties to come to the table to participate and evaluate the technology.” This underscores a critical point: for blockchain to truly shine, it requires collective efforts from a variety of stakeholders.
In conclusion, with a mix of excitement and caution, it’s clear that while 2019 may not be the year blockchain finds its stride, the foundation is being laid for potential future innovations. Until then, the quest for that elusive killer use case continues.
