Blockchain Market in Supply Chain Streamlining Payment Application

According to a recent business publication by IndustryARC, the global Blockchain Market In Supply Chain was around $70 million - $75 million in 2018, and the opportunities will be growing at a radical CAGR of around 50% during the forecast period 2019-2025. The analyst of the report pinpoints exponential growth of the ecommerce industry in the past decade, tireless efforts by suppliers to increment efficiency, and opportunities with greater trackback functionality as some of the key drivers of the exceptional prospects shown by blockchian in supply chain. The information is presented in a new market research report from IndustryARC, titled: “Blockchain Market in Supply Chain: By Type (Public Blockchain, Private Blockchain, Others); By Product (Origin of That Product, Compounds, others); By Application (Contract Management, Procurement, others); By End-users (Marketing and Advertising, Drugs and Healthcare, others) & By Geography - Forecast (2019 - 2025).”

Blockchain is one of the exploring technologies along with the artificial intelligence and machine learning to eradicate the inefficiencies and to improve the supply chain management (SCM). Blockchain is a pioneering solution for the future of SCM. It deals with the provenance tracking of products using embedded sensors and RFID tags. Additionally, it act as a centralized database with complicated records which is less corruptible as well. Cryptocurreny, Bitcoin is the noticeable use of blockchain. Blockchain is a digital ledger which is used for major applications such as in contract management, payment systems, provenance, procurement, ownership transfer and in asset tracking and inventory control applications. 

Payment application holds the major share in the blockchain market in supply chain, and is estimated to grow at a profitable CAGR of around 32% - 35% over the forecast period 2019-2025. Integrated payment solutions reduce the time gap between ordering and payment processing, besides eliminating the complications involved in international and domestic trade agreement and also prevent illegal payments involved in worldwide business deals. Increasing preference for accurate payment processing is influencing the growth of payment application in blockchain market in supply chain. 

On the basis of geographical analysis provided in the IndustryARC market research report, North American region held a major share of around 37% of the total demand in the block chain market in supply chain in 2018. The analyst detects that IBM, Intel, Oracle presence in this region is increasing its share among other regions. Mobility Open Blockchain Initiative (MOBI) launched by automakers such as Renault, Ford, GM, and BMW is further promoting blockchain for the benefit of both industry and consumers.

Some of the major companies identified in the report that are currently holding majority shares in the global blockchain market in supply chain are Microsoft, IBM, Oracle, T-Mining, DTCO, Deloitte, Primechain, Veem, Guardtime, BTL, Ripple, OpenXCell

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