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Salesforce Likely To Unveil Blockchain Product Soon

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Cloud computing company Salesforce is working on blockchain products, according to Co-Founder and CEO Marc Benioff.

While speaking to Business Insider's Julie Bort at the TrailheaDX Salesforce Developer Conference on March 28, Benioff said that if everything works as planned, the company could announce its blockchain product at this year's annual Dreamforce developers customer conference. It will be held on September 25-28 this year in San Francisco.

During the on-stage discussion, along with Co-Founder and CTO Parker Harris, Benioff told that it was during the World Economic Forum in Switzerland, which coincided with a cryptocurrency conference, that he started to think about blockchain and the way to use it as part of company products. He said he was convinced that Salesforce could make use of Blockchain.

Benioff said, "I had been thinking a lot about what is Salesforce's strategy around blockchain, and what is Salesforce's strategies around cryptocurrencies and how will we relate to all of these things...That's kind of how it works and I hope by Dreamforce we will have a blockchain and cryptocurrency solution."

According to him, the current environment around blockchain is similar to the early days of mobile communication and social media development.

The San Francisco-based software-as-a-service or SaaS provider reportedly has been considering blockchain along with other emerging technologies, such as artificial intelligence and the Internet of Things.

Blockchain, the open-source, distributed ledger technology for data transactions between business partners, is said to hold enormous potential. It primarily enables credible accounting of digital events, including money transfers in bitcoin and other cryptocurrencies. The technology allows users to record any data, and the transactions based on blockchain are considered to be secure and quicker.

According to a recent IDC forecast, global spending on blockchain solutions would reach $2.1 billion this year, more than twice that of 2017 spending.

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