According to new market research report on "Blockchain Supply Chain Market by Application (Payment & Settlement, Counterfeit Detection, Smart Contracts, Risk & Compliance Management, and Product Traceability), Provider, Vertical, and Region - Global Forecast to 2023", The blockchain supply chain market size is expected to grow from USD 145.0 million in 2018 to USD 3,314.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 87.0% during the forecast period.
An increasing need for supply chain transparency and rising demand for enhanced security of supply chain transactions are expected to drive the market during the forecast period.
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The smart contract application segment is projected to grow at the highest CAGR during the forecast period
Blockchain is finding increased application to automate contract execution in the supply chain management, eliminating the need for intermediaries. This has facilitated manufacturers, suppliers, and customers to build a trusted relationship and streamline complex supply chain operations. The application of smart contract is expected surge with the availability of enterprise-ready solutions to overcome the existing limitations of contracts in terms of privacy, scalability, auditability, confidentiality, and performance.
The application and solution providers segment is expected to grow at the highest CAGR in the global blockchain supply chain market during the forecast period
By provider, the blockchain supply chain market is segmented into application and solutions providers, middleware providers, and infrastructure and protocols providers. These providers offer infrastructure to develop the blockchain-based platforms. Among these, application and solutions providers segment is expected to witness the fastest growth owing to the introduction of technologically advanced blockchain solutions for streamlining the supply chain management practices.
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North America is expected to hold the largest market size in the supply chain blockchain market during the forecast period
North America is expected to hold the largest market size in 2018. The region is considered the most advanced in terms of technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the blockchain supply chain market. The companies from various verticals, such as retail and consumer goods, manufacturing, healthcare and logistics, are major customers to the vendors in the market. APAC, on the other hand, is expected to record growth at the highest CAGR during the forecast period with ongoing developments in the major APAC countries, such as China, India, Singapore, and Japan.
The major blockchain technology vendors include IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), AWS (US), Huawei (China), Bitfury (Netherlands), Auxesis Group (India), TIBCO Software (US), BTL Group (Canada), Applied Blockchain (UK), Guardtime (Estonia), Nodalblock (Spain), Peer Ledger (Canada), Blockverify (UK), TransChain (France), RecordsKeeper (Spain), Datex Corporation (US), Ownest (France), Omnichain (US), Traceparency (France), Digital Treasury Corporation (China), Chainvine (UK), VeChain (China), Algorythmix (India), and OpenXcell (US).
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According to new market research report "Blockchain Supply Chain Market by Offering (Platform, Services), Type (Public, Private, and Hybrid and Consortium), Provider, Application (Asset Tracking, Smart Contracts), Enterprise Size, Vertical (FMGC, Healthcare), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Blockchain Supply Chain Market size to grow from USD 253 million in 2020 to USD 3,272 million by 2026, at a Compound Annual Growth Rate (CAGR) of 53.2% during the forecast period.
Increasing popularity of blockchain technology in retail and SCM, growing need for supply chain transparency and rising demand for enhanced security of supply chain transactions are major growth factors for the market.
Growing need for automating supply chain activities and eliminating middlemen and rising government initiatives would provide lucrative opportunities for vendors in the Blockchain Supply Chain Market.
Browse and in-depth TOC on “Blockchain Supply Chain Market”278 – Tables50 - Figures260 - Pages Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90851499 By offering, Platform segment to hold the largest market size during the forecast periodThe blockchain platform enables customers to set up private, public, and consortium-based blockchain environments as well as enable people, products, applications, and services to interoperate across the blockchain network.
Blockchain supply chain platforms also help enterprises in avoiding risks through fraud and risk management applications and optimize their daily operations, leading to reduced operational costs.
This results in a platform that keeps full track of each and every item in real-time, including additional information as per the given requirement, making blockchain-based supply chain management platforms highly efficient and reliable.
However, Blockchain advancements are not limited only to finance.
Blockchain developers have recently come up with a new Blockchain technology that is actively conquering the market and has already become highly popular among many businesses – Smart Contracts.Smart Contracts are a disrupting technology for legal institutions.
It allows businesses to exclude third parties from the creation of agreements and improve their inner paper flows.
In this article, we’ll look into what Smart Contracts are, their benefits, and how companies are already applying this technology for their successful development.Smart Contracts ChallengesThe Externado University Civil Law Department organized a talk to answer questions on smart contracts and the Blockchain.Until now, contracts have been verbal or written documents subject to review by notaries, making them more expensive, just by the fact of having to go to a Notary Office and paying the corresponding document fee.This type of contract is not accessible to all and can be subject to interpretation.
In search of a solution to the problems posed by this model, smart contracts were created.Intelligent or electronic contracts are those exclusively accomplished through any digital medium when it has or can have, a real and direct impact on a specific agreement between two or more parties.The above definition was offered by Dr. Wilson Furtado, an expert in Information Society Law, guest speaker at the talk organized by the Externado de Colombia University Civil Law Department.Smart contracts were proposed over two decades ago by American cryptographer Nick Szabo.
Today, with the blockchain development company of Blockchain technology, the concept is resurfacing and becoming a reality.According to Furtado, the key to these contracts is they can be self-executing and self-enforcing; that is, not requiring an external mechanism, as required on verbal and written contracts.
Blockchain technology serves as the foundation for smart contracts and cryptocurrencies.
These are new age mediums for conducting secure, low cost, reliable, and tamperproof cross-border transactions.Market Research Future experts predict that smart-contracts market may notice a compound annual growth of 23 percent by 2023.Smart contracts control the transfer of digital assets or currencies between buyers and sellers.
The advantage of a smart contract is that it automates the verification of the terms of an agreement and execute transactions.Conventional business agreements require a lawyer and a broker to monitor and complete a transaction.
Lawyers and brokers are the middlemen who oversee agreements including payments, delivery scheduling, invoicing, and meeting terms and conditions.
They usually charge a significant amount to execute contracts.Would you like to explore the benefits of implementing smart contracts to improve your business processes?
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