Blockchain Technology in Supply Chain Management Market Globally Reach USD 666.61 Million by 2024

Sarasota, FL -- (SBWire) -- 09/11/2018 --Zion Market Research has published a new report titled "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''. According to the report, global blockchain technology in supply chain management market was valued at around USD 40.99 million in 2017 and is expected to reach approximately USD 666.61 million by 2024, growing at a CAGR of 49.16% between 2017 and 2024.

Blockchain technology is a digitalized public ledger for all cryptocurrency transaction. It is a distributed database which is non-replicable. Transactions are recorded and arranged in a chronological order to keep a track of the digital currency flow without maintaining any record or file. Due to the financial crisis in the bank, several people lost their trust over banks and faced transaction issues thus creating the need to bring a new solution to this problem. Bitcoin supports digital transactions without involving any trusted intermediary. Bitcoin-based on blockchain technology was introduced in 2008 and was first traded or exchanged in 2010. Supply chain auditing, crowdfunding, anti-money laundering, stock trading, decentralized file storage on the internet, sell & purchase of renewable energy generated by neighborhood microgrids are some of the newly emerging business trends by the adoption of blockchain technology in different sectors. Blockchain technology is transforming the face of supply chain management market at a rapid pace.

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Some of the key benefits of the supply chain with blockchain technology are fast issue identification, reduced delays from paperwork, improved inventory management, minimized courier cost, and reduced fraud and errors. Blockchain technology has enhanced security features to stop the replication of documents but still, the technology has a threat from piracy and data breach. Challenges related to supply chain which has been overcome by the adoption of blockchain technology are tracking transparency, visibility and data consolidation, and real-time issue resolution. Some of the supply chain management companies such as Walmart, Maersk, British Airways, UPS, and FedEx have integrated the blockchain technology for their supply chain management systems. 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.

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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.

On the basis of type, the market is bifurcated into public, private, and consortium. Furthermore, by protocol type market is classified as Bitcoin, ethereum, ripple consensus network, hyperledger, R3's corda, symbiont distributed ledger, and others. In terms of geographic region, North America is expected to dominate the market in the forecast period due to the presence of prominent players and higher present rate of blockchain technology adoption. Furthermore, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to the 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 this market.

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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., and Skuchain are some of the major players in the blockchain technology in supply chain management market.

Global Blockchain Technology in Supply Chain Management Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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