Blockchain Tech and Its Potential ‘ChatGPT Moment’: Exploring Enterprise Adoption

• OpenAI
• ChatGPT

Despite the rapid adoption of Blockchain technology by major companies like Starbucks and Nike, the broader enterprise space has been slower in embracing this innovative technology. As Gary Liu, co-founder and CEO of Terminal 3, a user data solution provider, noted during a fireside chat at Korea Blockchain Week, "I haven’t seen any killer use case yet. I think we’re early in enterprise adoption."(source: TechCrunch)

Defining the 'Killer' Use Case

If one defines a 'killer' use case as having a billion users, Yue Hong Zhang, a managing director and partner at Boston Consulting Group, concurred with Liu. He added, "I don’t think enterprise blockchain has seen a ChatGPT moment." The term 'ChatGPT moment' refers to a turning point when a technology becomes widely popular, as was the case with artificial intelligence (AI) after the emergence of ChatGPT.

Liu explained that AI had to undergo multiple phases before its 'ChatGPT moment.' This exemplifies the patience necessary before a similar event can occur in the blockchain enterprise world. But the question remains: How can blockchain businesses convince traditional corporations to invest in this technology?

The Promise of Blockchain for Businesses

Liu believes showing companies that corporate benefits are more important than consumer reach is essential. By using blockchain technology, marketing and targeting can become much faster. Cathay Pacific Group is an excellent example of this, as they have been using blockchain technology since 2018 for their mileage marketing campaigns. In 2021, they also launched a blockchain rewards program for their customers.

With blockchain technology, Cathay Pacific can target and use customer information more efficiently for their marketing campaigns. This leads to faster settlement of mileage points and less manual labor, resulting in cost savings. Although blockchain technology has yet to reach its peak in the enterprise sector, it's showing promising potential and growing acceptance. As with any new technology, patience and continued innovation will be crucial for its success and broader adoption.