The global Blockchain in Supply Chain Market is estimated to surpass $424.24 million by 2023 growing at an estimated CAGR of more than 48.37% during 2018 to 2024 majorly driven by increase in adoption of Blockchain technology for supply chain applications by several companies which is expected to drive the Blockchain market in supply chain during the forecast period.
What is Blockchain in Supply Chain?
Blockchain in Supply Chain is one of the promising technologies for supply chain to enhance the transparency in many applications. Supply chain is the line or process of various stages that are involved in producing and delivering goods from the initial stage to the end user. Blockchain in supply Chain is a distributed ledger with peer-to-peer connection, which stores a permanent and temper-proof of record of information. The information is endorsed by various nodes in the Blockchain network to check, validate and record the information.
Blockchain in the financial sector provide digital continuity. In supply chain, most exchanges and many transactions involve different parties that are brought together. Blockchain play a key role and help in eliminating duplicate and error prone transactions.
This report incorporates an in-depth assessment of Blockchain in Supply Chain market by type, applications, end user industries and geography. The major types of blockchain encompassed in the scope include public and private.
What are the major applications for Blockchain in Supply Chain?
A broad range of blockchain applications in supply chain which are currently being explored includes contract management, payment systems, ownership transfer, asset tracking and inventory control, global trade enablement and many others. The capital expenditure of major companies in the pursuit of Blockchain in Supply Chain has also escalated significantly since the last decade.
Market Research and Market Trends of Blockchain in Supply Chain Ecosystem
- It can enhance the security of transaction and can efficiently maintain book keeping eliminating the chances of fraud. The middle people are avoided completely and help in connecting all the concerned stakeholders smoothly. By Smart contracts, it is easy to see and track the deliveries, track shipments at multiple locations. This enhances smooth processing in transportation of goods and also useful in handling perishable and volatile goods. This is helpful in reducing human errors, transaction costs, and delivery delays. Significantly.
- Mojix, an IoT based company had enabled retailers automate their supply chains to enable blockchain based smart contracts between suppliers, retailers, and logistics providers.
- Provenance had introduced a platform of real time data which helps in collecting and verifying the origin of an asset by allocating it a digital passport or token that can be tracked.
- Modum had generated sensor devices based on blockchain technology to affirm public accessibility and data immutability and it helps in reducing cost in the pharmaceutical supply chain.
- Cryptographic principles which are developed in the bitcoin network for visibility and security in the global supply chain for tracking of goods. This is becoming a major trend in the future and expected to grow the market further.
- Decentralized systems can’t be controlled by any central authority, and it is transparent for all participants as well as self-government authorities. This technology allows the consumers to track precisely, and provide assurance of provenance in the trade.
Who are the Major Players in Blockchain in Supply Chain market?
The companies referred to in the market research report include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.S.), Oracle Corporation (U.S.), BTL Group Ltd (U.S.) and so on.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.