MIT Technology Review Praises Blockchain for Being Boring, Echos Wall Street and Walmart Pushes
It seems that blockchain technology could be moving from a revolutionary to a boring technology. This is according to the MIT Technology review. In a recent article, they explained that in 2017, blockchain technology was a revolution that could disrupt the global financial system. Later in 2018, it became a disappointment. Now in 2019, it will ‘start to become mundane.’
There are many different use cases of blockchain technology in different industries. Distributed Ledger Technology (DLT) can transform healthcare, banking and supply chain management among other sectors.
According to the MIT, there are some companies that are working with this technology, including Walmart.
“Walmart has been testing a private blockchain system for years as a food supply tracker,” noted the report. “It says it will start using the system next year and has instructed its supplier of leafy greens to join by September .”
There are other firms such as Carrefour or JD.com that are taking similar steps in order to improve food safety tracking eggs, tomatoes and meet. Carrefour is the largest retailer in Europe with more than 12,000 stores around the world. Using blockchain technology, the company would be able to detect salmonella.
In the financial world, there are other firms that are also planning to launch their platforms or work with blockchain technology. JP Morgan has created a permissioned blockchain network called Quorum.
The Intercontinental Exchange (ICE) is also going to launch a new digital asset exchange for institutions as soon as the next month. Furthermore, Fidelity Investments and Nasdaq are also planning to launch crypto and blockchain-related platforms to the space.
That shows that although the crypto market has fallen substantially from its all-time high, companies in the industry continue to develop and create new platforms and services.
There are other bullish individuals that believe that the crypto industry and blockchain technology have a lot to offer to the future. During a conversation with Fox Business, Overstock Founder and CEO Patrick Byrne said that the technology has a greater potential than anything we’ve seen in history. He went on saying that it is bigger than the internet revolution because it is going to restructure society.