Supply chain market values blockchain at $424 million

Reposted: Blockchain News (Kyra Sense)

Two recently released reports are shedding light on the impacts that the blockchain could have on the manufacturing and supply chain markets. The market in blockchain-based technologies for the global supply chain market is expected to reach USD $424.24 million by 2023, according to one report, by IndustryARCcurrent. Exploring blockchain’s impact and potential to accelerate Industry 4.0 and the Industrial Internet of Things (IIoT) is the focus of the other.

The whitepaper titled, “How Blockchain is Impacting Industrial Manufacturing and Supply Chain Logistics,” by market-foresight advisory firm ABI Research, highlights findings that blockchain tools can help ease the transition to Industry 4.0. Smart contracts and decentralized autonomous organizations could help manufacturing and supply chain logistics, according to the paper’s author, Michela Menting.

“The use of decentralized ledger technologies such as blockchain can provide transparency on product movement, automate numerous logistical tasks, optimize workflows and reduce friction throughout the value chain,” Menting said.

The whitepaper provides background and details areas where blockchain technologies can excel in a more automated manufacturing arena, Industry 4.0., highlighting industrial drivers and barriers to adoption.

Growth Factors Mentioned in the Full Report:

  • Blockchain transactions has become more flexible and many manual tasks are carried out automatically using smart contracts. This reduces the costs and speeds up the processes, which in turn spurs the cryptocurrency market.
  • Blockchain technology offers a better transparency for the end users and consumers in the supply chain.  It allows the consumers to track and provides assurance of provenance in the trade.
  • Programmable blockchain platforms have a decentralized data structure which provides the execution of transaction and data storage in a decentralized manner. The inventory management software keeps a record of the price, date, location, quality, and certification. Technical infrastructure and scalability of the technology are the main features of the Blockchain Market Ecosystem.

To access the full report click here: https://industryarc.com/Report/17923/blockchain-market-in-supply-chain.html

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