Blockchain Supply Chain Market Size, Share, Growth Analysis, By Component(Platform and Service), By Application(Smart Contracts, Payment & Settlement, Product Traceability, Inventory Monitoring), By Industrial Vertical(Retail, Manufacturing, Food & Beverages, Healthcare), By Region - Industry Forecast 2024-2031

Drivers

Retail and SCM Heavily Adopting Blockchain Technology

• Every day, a number of transactions and information exchanges take place in the retail and SCM industries. The primary obstacles encountered by businesses in the supply chain sector are decreased expenses, increased velocity, and ongoing monitoring of the flow and calibre of goods. Blockchain technology is being adopted by a number of SCM sector stakeholders in an effort to increase business operations' efficiency and transparency as well as to improve the final delivery phase's overall experience.

Automated Activities and Eliminating Middlemen

• Numerous services, including legal, insurance, settlement, transport management, and route planning, are part of the supply chain ecosystem. delivery timetables, fleet management, normative compliance, and stakeholder connectedness. Middlemen are necessary for these operations. Supply chains can now store data automatically in a digital format that is very hard to alter thanks to blockchain technology. The implementation of blockchain technology in supply chain operations would eliminate the requirement to designate intermediaries for transaction validations or negotiations.

Restraints

Uncertain Status and Standard

• Regulatory agencies must be aware of the gaps in the current regulations and how they may affect the entire spectrum of technology-enabled applications in light of technological improvements. Regulating uncertainty is still a problem for the blockchain supply chain industry. One of the main obstacles to the widespread implementation of blockchain technology at the moment is the absence of rules, particularly with regard to supply chain management (SCM) across numerous industry verticals.

Increasing Data Volume Management

• Blockchain technology requires a tremendous amount of energy and processing power to validate blocks and store ledgers. With regard to Bitcoin technology, there are vast, open networks capable of handling 450 trillion transactions a second. When compared to the anticipated workload of transactions needed for supply chains, these amounts of transactions per second appear insignificant. Supply chains, Due to privacy concerns, primarily depend on permissioned blockchain.