The blockchain market is expected to reach $424.24 million by 2023 with a CAGR of 48.37 % during the forecast period, according to a market research report by IndustryARC, Rockville, Md.

The study, “Blockchain Market in Supply Chain: By Type (Public, Private and Consortium); By Application (Contract management, Payment systems, Procurement, Provenance, Ownership transfer, Asset Tracking and Inventory Control) and Geography - Forecast (2018-2023),” shows that a large number of companies have been using the blockchain technology for supply chain applications.

For instance, North America is expected to dominate the blockchain market in supply chain with a revenue of $131.65 million by 2023. In Asia Pacific, the market is expected to have a CAGR of 56.1% in the coming years. Blockchain technology is developing in the Asia Pacific region.

In other economies like Middle East, Africa and Brazil, the increasing demand for digitization is due to government initiatives through foreign investment to become the top global economies. This enhances the scope for the blockchain solutions in these countries.

Other factors in the report are as follows:

  • Blockchain transactions has become more flexible and help reduce the costs and speeds of certain 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 provides transparency and assurance of provenance in the trade.
  • Programmable blockchain platforms have a decentralized data structure that 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.