IBM Hasn’t Lost Any Faith In Blockchain, Even with the Hype Wearing Off

Blockchain technology was an impressive way to keep an honest and clean ledger for cryptocurrency when it first came out, but it seems that there are few companies willing to still get involved. Reportedly, only 1% of executives in any industry have blockchain technology integrated into their brand. Even though there are multiple businesses who have expressed their interest in distributed ledgers, blockchain itself has remained absent from corporate discussion, except for IBM.

IBM is over a century old, but they still see what blockchain has to offer, and they do not think that it is being used to its full capacity. Blockchain can track almost anything, and the fact that these details cannot be manually altered after they are entered makes it security. Presently, IBM is leading in technological advancements, based on the amount of people involved and the substantiality of the investments. Marie Wieck, the general manager for IBM Blockchain, believes that there’s still ways that blockchain has to transform businesses.

There are plenty of businesses that have somehow still been experimenting with how their company can use blockchain technology. Unfortunately, the likelihood that anything will come of these tests is slim, based on information gathered by Forrester Research. There are some companies that have fairly limited ambitions and hopes for the tests, though others will abandon the testing all together. In a post, Forrester said, “We predict we’ll see some serious pruning of projects in 2018.”

Even though this technology has been “game-changing,” an analyst at Gartner believes that rushing into it is a big mistake and could even lead to the rejection of it all together. The biggest challenge that companies face is to find engineers that have the expertise to use it, though about 75% of companies have no interest in developing the networks and do not have the staff anyway.

Still, it is important to remember that technology takes a while to reach widespread success and adoption anyway. For instance, the internet was not even popularly adopted until the 1990s, despite the fact that it was actually invested in 1972, along with email. Harvard Business Review says that, based on that fact, blockchain’s ability to actually make a widespread impact is years away, and it will eventually be used as the foundation for other applications.

As IBM puts it, blockchain technology is a “team sport,” and the technology is essentially just a way to secure a database. Though there are limited companies that want to use it or try it now, the engineers that wrap their head around it are certain of the value it holds.

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