Blockchain in Supply Chain Market Insights
By 2030, the Blockchain in Supply Chain Market is projected to reach a value of over USD 17.15 billion, expanding at a CAGR of 45.55% between 2022 and 2030.
Blockchain is understood as a shared peer-to-peer technology that synchronizes transaction data across networks and provides a digital database for validated and unalterable transactions. Utilizing smart contracts that get automatically activated when pre-defined business conditions are met, effectively automates supply chain transactions, thereby removing mediators and promoting a direct connection between stakeholders. The blockchain supply chain correspondingly acts as an open ledger, with every transaction on the network made available in a read-only format for all the included participants to precisely retrace to its point of origin. Consequently, it ensures optimum transparency at every level of the supply chain management minimizes the issues caught during goods transportation and decreases the necessity for information sharing via mail or any other communication platforms.
Data tampering is prevented via the amalgamation of blockchain technology with a supply chain management system, which is expected to be one of the most substantial reasons driving the overall development of the blockchain industry. An added benefit of this technology is that it allows for the recording and reporting of distributed ledgers, which provides different authorities with additional accountability, fraud protection, and overall better productivity.
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Regional Analysis
The global Blockchain in Supply Chain Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
North America is esteemed for its major share in the blockchain supply chain market and the region is also estimated to continue with dominance during the forecast period. The region is especially has a potential share on account of equipped with strong broadband access and the presence of a revealing number of market players in the regional market. Major economies like the US and Canada are majorly endorsing regional market value. Besides, the Asia Pacific region is anticipated to endure the fastest growth over the estimated period from 2020 to 2027. The resumption of industrial operations across various end-user industries, like automotive, created the demand for the supply chain management. Such factors are anticipated to enhance the growth of the blockchain market in the supply chain industry in the region during the forecast period.
Market Segmentation
The global Blockchain in Supply Chain Market is segmented into the following types;
By Offering Platform Services:
- Technology Advisory and Consulting
- Deployment and Integration
- Support and Maintenance
By Type:
- Public
- Private
- Hybrid and Consortium
By Providers:
- Application Providers
- Middleware Providers
- Infrastructure Providers
By Application:
- Asset Tracking
- Counterfeit Detection
- Payment and Settlement
- Smart contracts
- Risk and Compliance Management
- Others (Inventory Control and Reward Management)
By Organization Size:
- SMEs
- Large enterprises
By Verticals:
- FMCG
- Retail and e-Commerce
- Healthcare
- Manufacturing
- Transportation and Logistics
- Oil, Mining, and Gas
- Others (Construction, Agriculture, and Automobile)
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Key Players
The global Blockchain in Supply Chain Market’s prominent key players are IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Coinbase (US), Chain, Inc.(US), Abra, Inc (US)., Blockchain Tech Ltd (UK)., Earthport PLC (UK), Bitfury Group ( The Netherlands), Deloitte Inc. (UK) and Digital Asset Holdings (US).
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