While blockchain is one of the fastest expanding technologies in the world today, not everyone has complete confidence in it. One of these people is the CEO and Co-founder of TradeShift.
Tradeshift Founder Expresses Sentiment
At the World Economic Forum in China recently, Christian Lang said that he believes that blockchain technology is adequate for recording transactions with multiple investors due to its efficiency in record-keeping.
However, he said, it is not quite mature enough for the global supply chain.
Supply chains “often have many different stakeholders touching goods, moving them around,” he said. “If you want to have authenticity, if you want to know where it is sourced, that it is done in a responsible way … (blockchain) is a great technology to manage that kind of flow and be sure of the integrity.”
Not Mature Enough
Lang has said that the global supply chain has been resistant to change in the last few years and needs to update itself to the fast-paced world of technology.
Blockchain, he says, has the potential to perform these tasks but isn’t quite ready yet. He also says he stays skeptical about the hype surrounding blockchain.
“Whenever people say blockchain, I think what they’re really saying is they would like to connect things digitally,” he said. “I don’t think blockchain is a mature enough technology yet to carry that … I also want to be a little bit cautious for some of the hype.”
Is He right?
Some skeptics of blockchain technology urge people to be skeptical of its use outside cryptocurrency and Lang’s comments seem to echo that sentiment.
However, if recent developments have shown anything, it is that we have only scratched the surface of what blockchain technology can do.
It could very well be ready to take on the global supply chain in a few years but only time will tell.
All About VeChain
One company whose work might challenge Lang’s claim is VeChain, a supply chain company that use blockchain technology in all its transactions.
The company has been in existence for only a short time but its cryptocurrency VET has become one of the top 20 largest cryptocurrencies within that time.
This could serve as a testament to the profitability of blockchain technology being used for supply chain management.