The blockchain supply chain is growing at more than 70% per year

According to a recent report from Fairfield Market Research, the app Blockchain Logistics, manufacturing and supply chain management will grow at an annual rate of 70.6% (from 2023) to 2030. It says the use of technology will usher in a “transformational era” for these industries.

The report says that the global market for Blockchain In the manufacturing sector, it was $800 million in 2022 and will reach $35.5 billion in 2030. Areas of Interest: Logistics, Quality Control, Pharmaceutical, Automotive and Energy.

Blockchain technology is driving supply chain development

Fairfield Market Research maintains that Blockchain Application and use cases and as part of the business model of those industries will bring “unprecedented” growth to the manufacturing sector. The supply chain bets on the transparency, traceability and quality control they get Blockchain.

Also, the US and Canada dominate usage Blockchain In the manufacturing market, when Latin America, Mexico and Brazil are integrating this technology into their industries. Analysis establishes that Blockchain It becomes imperative to guarantee the efficiency of various industries.

Also read: What is Blockchain and what is it for?

Fairfield Market Research investigated His statement reads:

“Regulatory compliance remains a significant barrier to blockchain in the manufacturing market. Blockchain manufacturers and providers must adhere to various quality, privacy and data security standards to navigate complex and evolving regulatory frameworks across regions and industries.

The United States, Brazil, and Mexico have benefited the most from the use of blockchain in the supply chain. Fountain: Fairfield Market Research

Fairfield Market Research Group QL boom Because adoption will continue Blockchain It improves the business model by removing the middlemen and is expected to be integrated with the quality controls of the industries, which is in line with the demands of the consumers, who will actually accept it.

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The development of blockchain in industries is not tied to cryptocurrencies

Reports in recent months have indicated acceptance Blockchain Not connected with Rallies of cryptocurrencies. But the growth achieved thanks to the stability and innovation and transparency of its use. 360iResearch reported Blockchain The technology sector (FinTech) will be worth $64.77 billion.

Also Read: Green Cryptocurrencies: Top Investment Options

BeInCrypto reported the annual growth of the FinTech industry with technology Blockchain It will be 35.86% in coming years. That is, the global market Blockchain FinTech will grow to $5.57 billion annually from 2023 to 2030.

“The decentralized nature of blockchain allows collaboration between participants through smart contracts as self-executing contracts with predefined rules encoded on the platform. The adoption of cryptocurrencies such as Bitcoin and Ethereum has increased the adoption of blockchain solutions, along with the need for secure payment methods in the fintech industry.

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