New York, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “ Blockchain in the Supply Chain Market: By System, By System By End User Forecast to 2030”, the market is predicted to thrive significantly during the assessment period from 2022 to 2030 at a healthy CAGR of about 45.55% to achieve a valuation of around USD 17.15 billion by the end of 2030 .
The development of blockchain technology and its applications is driven by the demand for greater supply chain transparency and improved security in supply chain transactions. Nevertheless, because legal boundaries can change at any time, it is possible that a company will not be able to use blockchain technology for the entire time that is expected. A shared database, a decentralized network, and a system for tracking digital transactions are all components of the peer-to-peer distributed computing platform known as blockchain. The development of blockchain technology and its applications is driven by the demand for greater supply chain transparency and improved security in supply chain transactions.
Shutdowns due to the COVID-19 outbreak have crippled economies and are impacting all parts of the supply chain in North America. As a result, a number of firms have changed their standard manufacturing processes to produce items such as PPE kits and other essential medical supplies. According to a survey of 143 supply chain decision makers in Europe by Supply Chain Media, the COVID-19 epidemic is having an impact on the supply chains of virtually all European manufacturers, distributors and retailers. Blockchain is used to keep accurate data on the storage and maintenance of vaccines to ensure proper distribution of the COVID-19 vaccine.
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Blockchain technology is used by many industries because it improves efficiency and visibility. Retail, financial services and e-commerce are just a few of the businesses that use it.
In addition, many large companies use blockchain technology to track shipments and manage their intricate records. Interoperability, which enables companies to securely exchange data and information with suppliers, manufacturers and suppliers, is another crucial component. The supply chain becomes more transparent when goods are delayed along the way.
The retail and SCM industry sees a daily flow of information and a variety of transactions. Data on purchases, sales, fees, approvals, certifications and payments are just a few examples of the type of information that can be included in the data. Companies in the supply chain industry struggle with reduced prices, accelerated speed and continuous monitoring of quality and product flow.
Many players in the SCM industry have begun to integrate blockchain technology to improve the efficiency and transparency of business operations as well as the final delivery process as a whole. One of the main drivers of the market’s expansion is expected to be the use of blockchain technology in an SCM system to eliminate data manipulation. This technology also enables transactions to be recorded on distributed ledgers, which helps many agencies by improving efficiency, increasing transparency and reducing fraud.
Scope of Blockchain in Supply Chain Market Report:
| Report calculations | Details |
| Blockchain in Supply Chain Market Size by 2030 | US$17.15 billion (2030) |
| Blockchain in Supply Chain Market CAGR during 2022-2030 | 45.55% |
| Foundation year | 2021 |
| Forecast | 2022-2030 |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| Important market drivers | Increased use of blockchain in retail and SCM |
Browse in-depth market research report (100 pages) at Block chain in the supply chain Market:
Prominent players in the blockchain supply chain market research include
- IBM Corporation
- Ripple
- Chain Inc
- Microsoft Corporation
- Coin base
- Blockchain Tech Ltd
- Earthport PLC
- Abra Inc
- Bitfury Group
- Deloitte Inc
- Digital Asset Holdings
Segmentation
Payment and settlement and counterfeiting are the two applications that dominate the market. In 2021, the counterfeit detection category had the largest market growth. used to determine whether the product is genuine. Barcodes are used in blockchain-based anti-counterfeiting solutions to track and trace products along the supply chain and guarantee that buyers receive genuine goods. It is nevertheless estimated that payments and settlements will increase the fastest. increased use of blockchain technology to speed up the supply chain.
According to the design, the application and solution providers and the middleware providers make up the blockchain in the supply chain market segmentation. Blockchain’s highest market share in 2021’s supply chain expansion was held by application and solution providers.
Retail and consumer products and manufacturing are the vertical market segments for blockchain in supply chains. The supply chain blockchain market was led by the retail and consumer products sector in 2021. This market is growing due to an increase in the simplification of supply chain processes among retail players.
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North America, Europe, Asia Pacific, and Rest of the World are the different regions that the blockchain in supply chain market has been segmented into. The largest share of the market was in North America. The region with the highest CAGR during the forecast period will be Asia-Pacific.
In 2021, North America held the majority of the market share. North America is considered the region with the most developed infrastructure and technological use. The primary determining factor in this field is how the major providers of blockchain technology solutions perform in general. Companies in a wide range of industries, including manufacturing, healthcare, retail and consumer goods, and logistics, present an important opportunity for supplier growth.
In 2021, Asia Pacific held the second largest market share. It is technologically ahead due to its early adoption of new technologies. The latest trends of widespread use of truck transport, container transport and data processing, resulting in scaled shipping and delivery of raw materials, Work In Progress (WIP) and finished goods around the world and effectively improving costs, quality and delivery of the supply chain, are also driving factors for blockchain supply chain software and services. The growing tendency of APAC firms towards leaner, more agile supply chains with end-to-end visibility is one of the key drivers driving the demand for blockchain supply chain software and services in the region.
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Unknown standards and regulatory status
Regulatory agencies need to be aware of the gaps in existing legislation and how these limitations may affect all applications that rely on technology as it evolves. Regulatory uncertainty remains an issue for the blockchain supply chain market.
One of the main barriers to implementing blockchain technology, especially for SCM in many industry sectors, is the requirement for additional laws. Acceptance of regulations by healthcare companies is one of the most important obstacles to the transformation of supply chain systems. In order to create unified standards for blockchain technology, healthcare institutions work closely together.
There is a growing need to automate supply chain functions and eliminate middlemen.
Just a few of the services that make up the supply chain ecosystem include legal, settlement, insurance, transport management, regulatory compliance, route planning, fleet management, delivery schedules and stakeholder connectivity. In these transactions, intermediaries are required. Finally, it automates supply chain operations and encourages direct interaction between stakeholders, eliminating the need for middlemen.
An additional benefit of blockchain technology is the ability to accurately track each transaction’s point of origin, even when there are multiple transactions and the data they generate to handle.
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