”, the market is expected to reach $424.24 million by 2023 with a CAGR of 48.37 % during the forecast period. Large number of companies have been using the blockchain technology for supply chain applications. This factor bolsters the market.
North America has a major share in the Blockchain Market in Supply Chain Market
North America is expected to dominate the Blockchain Market in Supply Chain with a revenue of $131.65 million by 2023. In Asia Pacific, the market is expected to have a CAGR of 56.1% in the coming years. It is beneficial in transforming the payments prospect by offering an economy cost. Digital currency is the latest trend being followed in the market. In the Asia Pacific region, technology has developed with Blockchain. Blockchain technology maintains the transparency of the databases which includes payments, contract management, procurement, etc.
In other economies like Middle East, Africa, and Brazil, the increasing demand for digitization is due to government initiatives through foreign investment in these countries to become the top global economies. This enhances the scope for the blockchain solutions in these countries.
Selected Regulatory Analysis done in the full Report:
Smart contracts and blockchain technology are the main driving forces for contract management. This in turn drives the market due to better economic efficiencies, saving time and other factors. The manufacturers and their partners have individual transactions in a block that has bills for raw materials, finished goods, quality, proof of origin, etc. A blockchain management ensures the creation of smart contracts, comprising of terms and conditions. Hence, manufacturers and partners can trust the contract and the identity of their counterpart.
The need for product lifecycles has led to various conflicts between the manufacturers and suppliers. But the problem of managing the development of a complex product has resulted in the use of blockchain technology, since it protects the competitor’s edge of the manufacturer and supplier, thus propelling the growth of peer to peer technology across the world.
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Excerpts Growth Factors Mentioned in the Full Report:
Blockchain transactions has become more flexible and many manual tasks are carried out automatically using smart contracts. This reduces the costs and speeds up the processes, which in turn spurs the cryptocurrency market.
Blockchain technology offers a better transparency for the end users and consumers in the supply chain. It allows the consumers to track and provides assurance of provenance in the trade.
Programmable blockchain platforms have a decentralized data structure which provides the execution of transaction and data storage in a decentralized manner. The inventory management software keeps a record of the price, date, location, quality, and certification. Technical infrastructure and scalability of the technology are the main features of the Blockchain Market Ecosystem.
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Keyplayers of the Blockchain Market in Supply Chain
IBM Corporation is one of the leading companies in developing blockchain technologies. It has major presence in countries like Japan, US, Europe, China, and Asia Pacific. It operates in business segments such as analytics, cloud, commerce, IT, infrastructure, and security. Deloitte Touche Tohmatsu operates in segments like finanacial advisory, risk advisory, consulting, tax, and audit. T-Mining which has its headquarters in Belgium uses blockchain technology for sharing data and secure file transfer for logistics and support.
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