Technology is bringing innovation in financial markets across the globe, and blockchain is an answer for digital continuity. When a business grows, interconnectivity in supply chain progressively becomes inefficient. Blockchain market in supply chain gains the opportunity here as blockchain eliminates duplicate and error-prone transactions. Blockchain can be used for reducing challenges of the supply chain industry. Some of the challenges faced by companies are complicated record keeping and tracking of products. Due to several elements in the supply chain, it is very difficult to keep track of each record. Lack of transparency and isolation issues can dilute the brand name. The application of blockchain in supply chain helps to reduce complexity and risk of losing the products which is creating a major marketplace for blockchain in the supply chain.
According to a recent business intelligence report released by IndustryARC, the global blockchain market in supply chain oozed from opportunities worth $70 million to $75 million as of 2018, and it is projected to grow with an astonishing CAGR of nearly 50% during the forecast period of 2019 to 2025.
Block Chain Market in Supply Chain: Leading Segments
The recent study by IndustryARC analyst estimated that North America is positioned as a leading region with a market share of 37%. Payment application is clearly driving the blockchain market in the supply chain with the impressive CAGR of 32% to 35% through to 2025.
Block Chain Market in Supply Chain: Competitive Landscape and Recent Developments
The revenue of Microsoft was valued to be $110.4 billion, and the operating income was $35.1 billion in 2018. Along with that, $23 billion revenue was reported solely for cloud business in 2018. Microsoft Azure is used by many companies such as 3M to create a label as service supply chain solutions that help for imitations, protects business and enhance consumer safety and experience. In Microsoft Azure Blockchain, Business processes and data can be shared across multiple organizations which eliminate wastes in the supply chain, reduce the risk of fraud, and create new revenue streams. Additionally, blockchain on azure simplify development and provide data security across cloud platform that is making Microsoft thrive in blockchain market in the supply chain.
BTL Group: Interbit
Interbit is a blockchain development platform of BTL Group designed for business innovators and developers so that they can quickly and easily incorporate the best of blockchain capabilities into enterprise applications and supply chain. BTL is working in financial services and energy. Applications powered by Interbit can drive enormous efficiencies by reducing or eliminating the effort and costs of conventional processes that is chiefly supporting BTL in blockchain market in the supply chain. On November 2018, BTL joins CitizenOS project with Xinova and Helix applications. CitizenOS Project captures isolated and trusted infrastructure developments, builds Interbit architecture to millions of blockchains, to enable global application development in areas including FinTech, healthcare, logistics and transportation, citizen services, and social credit helping BTL to leverage in block chain market in supply chain.
IBM Blockchain Platform 2.0 Beta
The IBM Blockchain Platform delivers solutions on clouds and in any geographical area to meet business needs, including data sovereignty requirements. IBM Blockchain brings fierce banking to create new business value in businesses. IBM Blockchain Platform 2.0 Beta seamlessly integrates smart contract development and network management which huge helps to strengthen the supply chain management of organizations. It also helps to monitor with governance tools for network components across IBM Kubernetes Service. IBM revenue was valued to be $79.1 billion, with operating pre-tax income of $13.9 billion in 2018.
Block Chain Market in Supply Chain: Growth Drivers
Blockchain makes the data more interoperable and visible. Blockchain in the supply chain are used to reduce frauds and errors, improve inventory management, and identify issue faster, which is why the blockchain market in a supply chain is booming. Three features of blockchain that help prevent fraud in its distributed network, immutability, and permissibility that are helping to fuel the demand for blockchain in the supply chain. Several organizations are actively discovering the use of blockchain for pharmaceutical supply chain management. Developing used cases, simulation models, and prototyping blockchain solutions are leading the thought process around development in the center for supply chain. Blockchain technology in healthcare has also established as a cryptocurrency.
Blockchain provides digital continuity whereas exchanges and distribution of a commodity without conviction in the supply chain. Blockchain helps to protect supply chains from fraud in distributed computing and network. These are the factors that are chiefly helping to fuel the demand for blockchain market in the supply chain. Payment application is clearly driving the blockchain market in the supply chain.
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