The blockchain is a record of digital databases or blocks of immutable and validated transactions. The blockchain technology acts as an open ledger, such that every transaction on the network is recorded and is made available for all the entities or participants involved in the network to see and verify them. Therefore, blockchain eliminates the need to transfer information between organizations via mail or any other communication media.
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The blockchain centralizes information sharing within enterprises thereby ensuring transparency at all levels of supply chain management. The very technical nature of blockchain technology limits its awareness among enterprises. Nonetheless, with the growth of awareness, the blockchain supply chain market is projected to witness innovative and advance transformation, which enables the participants to access everything they want on a single platform. The global blockchain supply chain market size was valued at $ 93.16 million in 2017 and is projected to reach $ 9,852.91 million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.
The report focuses on the blockchain supply chain market trends, growth prospects, restraints, and opportunities. The study also provides Porters five forces analysis of the Blockchain supply chain industry to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the blockchain supply chain market growth.
The global blockchain supply chain market is segmented based on component, application, industry vertical, and region. Based on the component, the market is bifurcated into platforms and services. Based on application, the market is divided into smart contracts, payment & settlement, product traceability, inventory monitoring, compliance management, and others.
The key players operating in the global blockchain supply chain market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, AWS Inc. Huawei Accenture Plc., Auxesis Group, TIBCO Software, and BTL Group
Top impacting factors:
An increase in the need for supply chain transparency, the proliferation of the e-commerce industry, and a rise in demand for enhanced security of supply chain transactions are some of the factors expected to boost the growth of the blockchain supply chain market. However, lack of awareness about blockchain technology and scarcity of skilled workforce is expected to hamper the market growth during the forecast period.
The rise in demand for enhanced security of supply chain transactions
Blockchains create one shared and centralized intermediary for transaction and information flow monitoring for various entities involved in the supply chain network. Each participant or entity involved in the supply chain has a copy of the ledger, and all the information about product movements and transactions are part of that ledger.
The proliferation of e-commerce
The e-commerce process involves the management of continuous supply of products, warehousing, inbound and outbound transportation, and product distribution. Further, the lucrative growth of mobile subscribers and smartphone users across the globe is leading to a significant portion of the population using smartphones and other gadgets to procure the product. Nonetheless, the current lengthy supply chain management system and other loopholes in the system leads to losses and deterioration of end-user service. Smart contracts with the help of blockchain regulate the intermediaries including payment processing partners and logistics providers.
The blockchain provides a read-only record of data which provides customers with various information such as the origin of the products and component and processing the product was involved in to before getting delivered.
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Key Benefits For Blockchain Supply Chain Market:
This study includes the global blockchain supply chain market analysis, trends, and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities.
The blockchain supply chain market size is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
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