Global Blockchain Market in Supply Chain: Snapshot
Blockchain is one of the most promising technologies for supply chain to have emerged in the recent past, promising to provide the long desired transparency in a complex array of transactions that supply chains experience unchangingly. As per the evaluations of IndustryARC, a business consulting firm, the global blockchain market in the supply chain will be worth $424.24 million by 2023. Most of the demand, the analyst of the report suggests, is owing to the attributes of blockchain to trackback transactions in an infinitely long loop. Blockchain has proven its reliability in managing any form of agreement or exchange. On the other hand, friction in the supply chain has been a long-standing concern for manufacturers catering to distributors or a vendor to a customer. Put together, Blockchain market in supply chain is anticipated for exuberant excellence in the near future.
Blockchain in supply chain can be an answer to numerous questions, acting as an unflinching and trustworthy third-party between suppliers, providers, and clients. As a distributed digital ledger, and not depending on any single entity (bank, for instance), any attempts of falsification in blockchain would require tampering with all copies of transactions at the precise moment – chances of which are negligible. The blockchain market in supply chain is expanding primarily because it can seamlessly validate all transactions, be is payment, warehousing, transportation, or delivery. One of the example can be Australian automobile manufacturer Tomcar. The company has resorted to bitcoin as a mode of payment to its suppliers which includes three parties in Israel and one in Taiwan. This allows Tomcar to achieve greater cost savings.
As per the IndustryARC business intelligence report, the demand in the global blockchain market for supply chain will increment at a radical CAGR of 48.37% during the forecast period of 2018 to 2024. The analyst of the research report highlights a number of applications of blockchain in supply chain including ownership transfer, payment systems, contract management, inventory control, asset tracking, and trade enablement. The report is 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) – Forecast (2018-2023).”
“The acceptance is still fairly low, and a lot depends on how governments in respective countries embrace blockchain,” quotes the analyst of the IndustryARC report.
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