Blockchain technology became the talk of the town since the meteoric rise in Bitcoin prices and the initial coin offering craze in 2017 took place. The technology which lies beneath the speculative buzz around cryptocurrencies has the potential to revolutionize business processes and supply chains. Data, for example, can be more responsibly and transparently accounted for when stored on a blockchain, a distributed system where corruption or manipulation is almost impossible.
Large corporations ready for adoption
According to an analysis by McKinsey & Company, blockchain technology is estimated to be three to five years away from full-scale feasibility and viability. However, the inherent risks of an immature technology do not deter many established corporations from experimenting with pilot trials and proofs-of-concept (PoCs) to integrate blockchain solutions in their current systems or develop new blockchain-based applications.
Walmart, for instance, is exploring the possibilities of blockchain in overhauling its current supply chain to inspire greater consumer confidence. The company believes that consumers today want more transparency in the supply chain, such as in gaining knowledge of how their food travels from farm to table.
