Global Blockchain Supply Chain Market

Blockchain Supply Chain Market Size, Share, Growth Analysis, By Offering(Platform, Services (Technology Advisory and Consulting, Deployment and Integration, Support and Maintenance)), By Providers(Application Providers, Middleware Providers, and Infrastructure Providers), By Application(Asset Tracking, Counterfeit Detection, Payment and Settlement, Smart Contracts), By Organization Size(SMEs, Large enterprises), By Vertical(FMCG, Retail and eCommerce, Healthcare, Manufacturing), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2356 | Region: Global | Published Date: November, 2024
Pages: 198 | Tables: 92 | Figures: 72

Blockchain Supply Chain Market News

  • In July 2023, A blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) has been established by Hyundai Motor Company and Kia Corporation to track the carbon emissions of its suppliers or cooperative business partners. This system tracks and monitors suppliers' carbon emissions using blockchain technology and artificial intelligence (AI), assisting them in lessening their environmental effect and enhancing their sustainability.
  • In October 2022, To provide more transparency and traceability for fashion designers, BASF Agricultural Solutions introduced a blockchain technology that tracks sustainably produced FiberMax cotton from seed to sew. With the support of the "Seed 2 Sew" pilot project, businesses can confidently purchase sustainable cotton despite the intricacy of the cotton supply chain. Blockchain technology is being used by BASF to offer a transparent and safe method of tracking the origin and movement of cotton across the supply chain.
  • In August 2022, Blockchain technology may now be easily used by logistics organizations thanks to the integration of OrionOne and VeChain's solutions. Now that OrionOne's logistics platform is integrated with VeChain's blockchain platform, businesses may quickly adopt blockchain technology without having to make large investments in infrastructure or cryptocurrency management. With this combination, the logistics sector hopes to adopt blockchain technology more quickly.
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Global Blockchain Supply Chain Market size was valued at around USD 1.3 billion in 2022 and is expected to rise from USD 1.9 billion in 2023 to reach a value of USD 39.4 billion by 2031, at a CAGR of 53.2% over the forecast period (2024–2031).

Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the overall growth of the Blockchain Supply Chain Market. In order to increase their market share, market players are also engaging in a range of calculated strategic actions. Notable developments in this regard include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. In order for the Supply Chain business to grow and thrive in an increasingly competitive and expanding market, Blockchain products must be reasonably priced. 'IBM ', 'Microsoft ', 'SAP SE ', 'Amazon Web Services (AWS) ', 'Oracle ', 'Huawei ', 'Guardtime ', 'TIBCO Software ', 'Bitfury ', 'Interbit ', 'Auxesis Group ', 'VeChain Foundation ', 'Chainvine ', 'Digital Treasury Corporation ', 'Datex Corporation ', 'OpenXcell ', 'Algorythmix ', 'BlockVerify ', 'Applied Blockchain ', 'TransChain ', 'OmniChain ', 'Ownest ', 'Traceparency ', 'PeerLedger ', 'OARO ', 'RecordsKeeper'

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.

Transforming Supply Chains: The implementation of Blockchain technology in the supply chain is transforming and optimizing operations. There is a growing recognition in the supply chain industry for the potential of blockchain technology to address longstanding issues. Increasingly, Blockchain is being used to make processes transparent and easy to understand. Businesses are leveraging blockchain technology to create immutable ledgers that provide complete transparency. They are able to observe what products they have and when money is being exchanged in real time thanks to this.

North America accounted for the majority of market share. It is acknowledged that North America has the most developed infrastructure and widespread use of technology. The primary driving force in this sector is the general conduct of the main suppliers of blockchain technology solutions. Businesses in a range of sectors, including manufacturing, healthcare, retail, consumer goods, and logistics, offer significant potential for vendor expansion. As blockchain technology is being adopted more widely in the region, especially in the financial and logistical sectors, Europe Blockchain Supply Chain Market has the second-largest market share. In addition, the European region's fastest-growing market was the UK Blockchain Supply Chain Market, while Germany held the greatest market share.

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Global Blockchain Supply Chain Market

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