By 2030, blockchain is going to be a $3.1 trillion business value according to Gartner.
There's a lot of benefits to implementing this technology, said Geri Kelley with Tyson Foods Inc. during the "How to Prepare for the Blockchain Revolution" education session at IPPE Tuesday afternoon.
Benefits include transparency, traceability and a long audit trail, but there are some items to consider before taking the plunge, says Kelley.
- How are you capturing data today? "You need to unravel your inefficiencies before starting to think about blockchain," she says. "Blockchain will bring amazing business efficiencies, but your data has to be in line before implementing blockchain."
- What are you tracing? Why? "How is not the biggest question," says Kelley. "Figuring out what data you want to follow is the first question."
- What's the feasibility of implementing blockchain? "Will you need new technology?" she asks. "Are there standards to allow parties to talk to each other?"
- Finally, do you even need blockchain? "You might just need simple transparency," says Kelley. "Not an entire blockchain."
"If you're not doing blockchain today, it's okay," says Kelley. "But people are talking about it. It will become mainstream soon."
