Blockchain Supply Chain Market Trends
Adoption of blockchain in the supply chain market is driven by increasing demand for transparency, security & efficiency across complex global supply networks.
PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ — The global blockchain supply chain market size was valued at $93.16 Million in 2017 and is projected to reach $9,852.91 Million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.
Increase in need for supply chain transparency, proliferation of e-commerce industry and rise in demand for enhanced security of supply chain transactions are some of the factors expected to boost the blockchain supply chain market growth. The blockchain technology decentralizes the transaction management by replacing middleman with secure digital records.
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A prominent trend is the adoption of blockchain technology to enhance transparency and traceability in supply chains. Blockchain’s immutable ledger ensures that every transaction and movement of goods is recorded and can be traced from the source to the end consumer. This level of transparency reduces fraud, counterfeit products, and errors while increasing trust among stakeholders.
Smart contracts, powered by blockchain, are automating various supply chain processes. These self-executing contracts automatically trigger actions or payments when predefined conditions are met. This reduces the need for intermediaries, minimizes delays, and increases the efficiency of supply chain operations.
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As consumers become more environmentally and socially conscious, blockchain is used to verify and authenticate sustainability claims and ethical sourcing practices. This trend allows businesses to prove their commitment to responsible sourcing and environmental stewardship, meeting consumer demands for ethical products.
Blockchain is streamlining cross-border trade by reducing paperwork, automating customs processes, and providing a secure and transparent platform for international transactions. This trend is particularly beneficial for global supply chains, as it reduces the time and cost associated with regulatory compliance and customs clearance.
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By industry vertical, the retail industry segment dominated the overall blockchain supply chain market share in 2017 and is expected to continue this trend during the forecast period, owing to strong adoption of blockchain technology by retail market players in their supply chains. The study includes blockchain supply chain market analysis for all the mentioned segments across geographies.
Many enterprises are expected to enter the market in near future with the expected lucrative growth of the market. Some of the key market players profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, AWS Inc. Huawei Accenture Plc., Auxesis Group, TIBCO Software, and BTL Group. The study also includes blockchain supply chain market trends, analysis, and future estimations to determine the imminent investment pockets.
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