Albany, NY -- (SBWIRE) -- 07/16/2018 -- Blockchain is a global ledger that can automatically record and validate very high volumes of digital transactions, irrespective of location. The transactions in the block chain are undisputable and threat of hacking is also eliminated, as all the transactions made are authorized by the miners. A block chain is largely utilized in the banking and financial services sector. A block chain is being increasingly utilized in applications in the electronic component industry as well due to its capability to manage multi-party complex transactions reliably and securely.

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A major factor driving the block chain in electronic component industry market is its capability to eliminate any counterfeiting risk associated with the supply chain of electronic components. The electronics industry is estimated to witness a significant rise in the implementation of block chain in the near future as counterfeit parts pose a considerable threat to manufacturing.

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High security is ensured, as Blockchain verifies and records all the transactions made. It is also a faster and a cheaper medium of carrying out transfer of online information and virtual money without the need of any third-party verification. Consequently, it is increasingly being adopted globally.

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Increasing demand for Blockchain from small-scale electronic component manufacturers and from electronics manufacturing service (EMS) providers who cannot afford to purchase components directly from original component manufacturers is likely to present growth opportunities for the block chain in electronic component industry market. Since, these are most susceptible to encounter counterfeit parts, they are anticipated to be able to easily uncover a counterfeit by looking at the part's block chain transaction history, followed by identifying where it left the regular supply chain and entered the black market.