Blockchain technology will become essential technology in no time and forecast to generate revenues up to $10.6 billion in 2023.
According to a new report from ABI Research, demand will push revenues for this technology. Research director ar ABI Research said:
“The success of blockchain in financial tech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries.”
Supply chain management currently faces problems in maintaining transparency, efficiency and costs that affect the industry. Hence, blockchain looks promising to solve these problems by finding its application in storage of documentation, trackability and traceability of goods, safe transactions and the list goes on.
Moreover, Walmart and Maersk is working on tracking and monitoring products on a global scale to emerge into a commercial platform and seem to be market ready in the next few months.
Refer to article on CryptX on how blockchain tech is paving its way in supply chain management.
Successful transition of these test cases to commercialisation in such a global industry will drive efforts to deploy blockchain to address barriers and risks in other sectors too. But, with burnt activity concentrated in North America, Europe and few Asia-Pacific countries, the blockchain startup scene is dynamically rising to challenge. Furthermore, some companies including Modum, Blockfreight, OriginTrail, Skuchain, SyncFab and t-Mining are being innovative in tackling supply chain space.