Some of the major factors which are driving the market growth are raising cryptocurrency market capital and Initial Coin Offering (ICO), faster transactions, reduced total cost of ownership. Furthermore, increasing adoption of Blockchain as a Service (BaaS), and simplifying business processes, and creating transparency and immutability are another major market driving factors. However, uncertain regulatory status and lack of a common set of standards are hindering the market expansion. Additionally, transforming international trade & supply chain, a new breed of programmable blockchain platforms are projecting a significant market opportunity for players in the forecast years. Besides, of several advantages, there are some hurdles in the adoption of blockchain technology such as difficulty to control, interoperability of one blockchain with another blockchain, limited scaling of the blockchain, and risk of privacy & security.
Sarasota, FL -- (SBWIRE) -- 07/09/2018 -- Blockchain Technology in Supply Chain Management Market by Type (Public, Private, and Consortium), by Protocol (Bitcoin, Ethereum, Ripple Consensus network, Hyperledger, R3's Corda, Symbiont Distributed Ledger, and Others), for Vertical (Contract Management, Payment Systems, Procurement, Provenance, Ownership Transfer, Asset Tracking & Inventory Control, and Others) : Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024
Global blockchain technology in supply chain management market expected to reach USD 666.61 million in 2024, growing at a CAGR of 49.16% between 2017 and 2024. Blockchain technology is a digitalized public ledger of for all cryptocurrency transaction. It is a distributed database which is non-replicable.
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The blockchain is a decentralized, digitalized, public ledger of all cryptocurrency transactions. Recent transactions are recorded and arranged in a chronological order which allows market participants to keep a track of the digital currency transactions without maintaining any record. This technology was mainly innovated for Bitcoin, a virtual currency introduced in 2008. Bitcoin was introduced to make digital transactions possible without involving any trusted intermediary. It was first traded or exchanged in 2010 with a value of 0.39 USD per Bitcoin and in Dec 2017, it was recorded to 17,549.67 USD. With the application of blockchain technology, new emerging business trends are emerging such as crowdfunding, supply chain auditing, decentralized file storage on the internet, anti-money laundering, stock trading, sell and purchase of renewable energy generated by neighborhood microgrids, and much more. Many businesses other than stock exchange and financial institutions such as field of music, diamond, insurance, and the Internet of Things (IoT) devices have adopted this technology because of it serving as an open electronic ledger and its has distributed database.
Blockchain technology is transforming the face of supply chain management market with a torrid pace. Some of the key benefits of the supply chain with blockchain technology are reduced delays from paperwork, fast issue identification, minimized courier co https://goo.gl/Js3P3n st, improved inventory management, and reduced fraud and errors. Challenges related to supply chain which have been overcome by the adoption of blockchain technology are visibility and data consolidation, tracking, transparency, and real-time issue resolution. Some of the supply chain management companies that have integrated the blockchain technology for their supply chain management system are Walmart, Maersk, British Airways, UPS, FedEx, and moreetc. Storj is a company that is presently beta-testing the concept of developing cloud storage based on blockchain technology to improve security by decreasing users dependency on a single storage provider's centralized system. ProofofExistance is another non-financial company to utilize blockchain (distributed ledger technology) to store encrypted information which enables transaction that cannot be replicated. Big tech giants are integrating big data and IoT with blockchain technology which copes up the permission-less, fully transparent, and peer-to-peer distributed ledger which securely permits multiple transactions to occur between different participants.
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Rising cryptocurrency market capital and Initial Coin Offering (ICO), faster transactions, reduced total cost of ownership are some of the major factors which are catering this market's growth. Furthermore, increasing adoption of Blockchain as a Service (BaaS), and simplifying business processes & creating transparency and immutability are another major market driving factors. Besides, of these several advantages, there are some hurdles in the adoption of blockchain technology which are: difficult to control, interoperability of one blockchain with another blockchain, limited scaling of the blockchain, and risk of privacy & security. Additionally, from future aspect some factors which are anticipated to uplift the market demand are transforming international trade & supply chain and a new breed of programmable blockchain platforms. However, uncertain regulatory status and lack of a common set of standards are hindering the market expansion.
Blockchain technology in supply chain management market is segmented on the basis of type, protocol, verticals, and region. Type-wise the market is bifurcated into public, private, and consortium. In addition, by protocol, the market is classified as Bitcoin, ethereum, ripple consensus network, hyperledger, R3's Corda, symbiont distributed ledger, and others. Furthermore, on basis of verticals market is categorized into contract management, payment systems, procurement, provenance, ownership transfer, asset tracking, & inventory control. In terms of geographic region, North America is expected to dominate the market in forecast period due to the presence of prominent players and higher present adoption rate of blockchain technology. Asia-Pacific region is expected to grow with the highest CAGR during the forecast period because of foremost adoption of blockchain technology across multiple industry verticals such as procurement, ownership transfer, asset tracking & inventory control, payment systems, and others. Asia-Pacific region is adopting the digital currency trend which is catering to the growth of the market.
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Many supply chain giants are showing interest in empowering blockchain technology with Big Data and IoT for driving business innovation and influencing the economic growth. Some of the leading players in the global blockchain technology in supply chain management market are Abra, Alphapoint, Bitfury Group Ltd., Bloq Inc., BTL Group Ltd., Digital Asset Holding LLC, Digital Treasury Corporation, Ethereum Foundation, Factom, IBM Corp., Blockcypher Inc., Microsoft, Primechain Technologies Pvt. Ltd., Skuchain, and others.