Sarasota, FL -- (SBWire) -- 02/26/2019 --With the presence of a large pool of participants, the Global blockchain technology in supply chain management market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Bitfury Group Ltd, Bloq Inc, BTL Group Ltd, Digital Asset Holding LLC, Digital Treasury Corporation, IBM Corporation, and Blockcypher Incorporation are some of the key vendors of blockchain technology in supply chain management across the world. These players across blockchain technology in supply chain management market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the blockchain technology in supply chain management market study.
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Citing an instance, in August 2018, UPS has filed a patent application in the U.S. for technology that is expected to make use of blockchain as well as its shared distributed ledgers for effectively tracking and handling packages shipped within its network along with those packages handed over to other carriers across the globe.
As estimated in this report, the global blockchain technology in supply chain management market stood at US$ 40.99 million in 2017. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this blockchain technology in supply chain management market is expected to reach US$ 666.61 million by the end of the forecast period. The main types available in this blockchain technology in supply chain management market are public, private, and consortium.
"Massive use of blockchain technology in supply chain activities for quick issue identification, enhanced inventory management, reduced courier cost, minimization of errors & frauds, and reduced delays due to paperwork will leverage the growth of blockchain technology in supply chain management market in the years ahead," says the author of this blockchain technology in supply chain management market study. Apart from this, the growing need for tracking transparency, data consolidation, visibility, and real-time issue resolution is expected to chart a profitable growth graph for blockchain technology in supply chain management market in the near future.
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Regionally, North America has been leading the worldwide blockchain technology in supply chain management market and is anticipated to continue on the dominant position in the years to come, states the blockchain technology in supply chain management market study. The rapid acceptance of blockchain technology in supply chain activities across the region is the main factor behind the dominance of the North America blockchain technology in supply chain management market. The presence of reputed industry players being headquartered in North America is another significant factor that is supporting this regional blockchain technology in supply chain management market.
The global blockchain technology in supply chain management market is segmented as follows:
By Type
Public
Private
Consortium
By Protocol
Bitcoin
Ethereum
Ripple Consensus network
Hyperledger
R3's Corda
Symbiont Distributed Ledger
Others
By Vertical
Contract Management
Payment Systems
Procurement
Provenance
Ownership Transfer
Asset Tracking & Inventory Control
Others
By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Huge Presence of Reputed Industry Players to Aid North American Dominance
Global blockchain technology in supply chain management market expected to reach USD 666.61 million in 2024, growing at a CAGR of 49.16% between 2017 and 2024. Blockchain technology is a digitalized public ledger of for all cryptocurrency transaction. It is a distributed database which is non-replicable