The report on the blockchain market in the supply chain industry revealed that the market?is expected to grow by $4936.05 million during 2023-2027, accelerating at a CAGR of 52.21%
Image: pexels.com
The “Global Blockchain Market in Supply Chain Industry 2023-2027” report by?ResearchAndMarkets has revealed that the blockchain market in the supply chain industry will?accelerate its growth at a CAGR of 52.21%,?adding about $4936.05 million in value during the forecast period.
In the current digital transformation process, the adoption of blockchain technology in supply chains improves their traceability, optimises the quality and safety of internal processes, minimises costs, and saves time. Therefore, the industry players become more competitive and enrich the customer experience with qualitative information about their products.
Due to the traceability of industrial goods with blockchain technology, participants in the industrial supply chain can analyse the impact of any small change in the design/composition of their product, verify the origin of raw materials, and even anticipate changes in consumer habits and trends.
The market growth is driven by the growing number of cargo thefts, complexities of time-bound deliveries, customisation of supply chains, and the booming e-commerce industry.
In addition, the advent of blockchain-as-a-service is one of the prime reasons driving the adoption of blockchain in the supply chain industry in the next few years. The application of blockchain technology has expanded recently to address secure transactions of all kinds. As a result, there is a demand for hosting services.?Blockchain-as-a-service (BaaS) is the creation and management of cloud-based networks by third parties in the business of building blockchain applications.
Moreover,?the growth of quantum computing and blockchain analytics will lead to substantial demand in the market.
SEE ALSO:
Visa Proposes Bringing Auto Payments to Blockchain
Australian Stock Exchange Postpones Blockchain Plans
Distance Doesn’t Prevent Thailand and Hungary from Jointly Exploring Blockchain Possibilities
Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
