The Global Blockchain Supply Chain Market Size valued for USD 497 Million in 2021 and is anticipated to reach USD 18,714 Million by 2030 with a CAGR of 50.4% from 2022 to 2030.

Blockchain technology has emerged as a game-changing innovation with the potential to transform supply chain management. In the past, supply chains have been intricate and opaque, involving a number of parties in the flow of information and items. This has given rise to issues like lack of transparency, ineffective procedures, fraud, and counterfeiting, which can increase costs, cause delays, and erode participant trust. Blockchain is a distributed ledger system that offers a network of computers with a decentralised, transparent, and unchangeable record of all transactions. Blockchain has a number of crucial qualities that can address these issues and alter the way supply chains are managed in the context of supply chain management.

The majority of blockchain supply chain solutions use smart contracts, which are self-executing contracts that are programmed on the blockchain. Based on predetermined criteria, smart contracts can automate contractual arrangements such as purchasing, shipping, and payments. Processes can be streamlined, delays can be cut down, and manual mistakes can be removed, increasing efficiency and lowering costs. The blockchain supply chain's capacity to offer transparency and traceability is another crucial feature. The blockchain allows for the recording of every supply chain transaction and event, including the transfer of items from one point to another, producing an auditable and immutable record. This lowers the risk of fraud, forgery, and unauthorized access by allowing stakeholders to track and confirm the origin, validity, and status of commodities in real-time.

Blockchain Supply Chain Market Dynamics

In the supply chain, blockchain allows end-to-end transparency and traceability, allowing stakeholders to monitor and confirm the flow of items, information, and money in real-time. By lowering fraud, forgery, and unauthorized access, this transparency can boost confidence among supply chain players. By automating transactions and agreements using smart contracts, blockchain can expedite supply chain procedures, minimizing delays, mistakes, and paperwork. By doing so, intermediaries can be removed, administrative costs can be cut, and inventory management may be made more effective, which can lead to increased efficiency and cost savings. Blockchain is impenetrable and resistant to unauthorized modifications because it uses cryptographic techniques to secure transactions and data. By guaranteeing data integrity and lowering the chance of fraud and data breaches, this can improve the security and credibility of supply chain activities. By storing pertinent information on the blockchain, like as certifications, compliance data, and sustainable practices, blockchain can facilitate improved supplier and stakeholder management. This can support ethical sourcing, validate the legitimacy of providers, and guarantee adherence to rules and regulations.

Scalability of blockchain technology is still a problem because it is still in its infancy. Blockchains' ability to process transactions might not be sufficient to handle the significant volume of transactions and data produced by intricate supply networks. However, enabling seamless integration across the whole supply chain ecosystem may provide issues due to the interoperability between various blockchain platforms and legacy systems. Blockchain in supply chain management is still mostly unregulated, which can lead to ambiguity and prevent wider implementation. Navigating legal and regulatory frameworks, assuring compliance, and dealing with concerns like data protection, intellectual property, and liability may be difficult for businesses. Furthermore, different nations' laws and regulations regarding blockchain technology are constantly changing. Implementing and growing blockchain supply chain solutions can be difficult due to the complex legal and regulatory environments that businesses must manage, including those pertaining to data protection, intellectual property, and cross-border transactions.

Blockchain Supply Chain Market Insight

The blockchain supply chain market is divided into component, application, and industry vertical and geographic markets. Based on component, the segment is categorized platform and services. By application, the industry is split into counterfeit detection, payment & settlement, product traceability, smart contracts, risk & compliance management, and others (documentation and rewards management). Industry vertical segment is categorized into healthcare and life sciences, logistics, manufacturing, oil and gas, retail and consumer goods, and others (construction and agriculture).

Global Blockchain Supply Chain Market Geographical Competition

One of the regions that have adopted blockchain technology most quickly for supply chain management is North America. The region has a well-established logistics and transportation sector, which was a pioneer in implementing blockchain technology to increase supply chain efficiency, transparency, and traceability. The blockchain supply chain industry in North America has expanded as a result of the involvement of significant technological businesses and startups, as well as favorable regulatory frameworks and government initiatives.

Blockchain supply chain solutions are finding a promising market in the Asia Pacific area. Blockchain technology is being invested in by nations like China, Japan, and South Korea to alter their supply chains. Blockchain is viewed as a technology that can assist address problems like fake goods, supply chain transparency, and logistics optimization given the region's substantial manufacturing base and intricate supply chains.

Global Blockchain Supply Chain Industry Segment Analysis

Market By Component

·         Services

·         Platform

Market By Application

·         Counterfeit Detection

·         Risk & Compliance Management

·         Payment & Settlement

·         Product Traceability

·         Smart contracts

·         Others (Documentation and Rewards Management)

Market By Industry Vertical

·         Healthcare and Life Sciences

·         Logistics

·         Manufacturing

·         Oil and Gas

·         Retail and Consumer Goods

·         Others (Construction and Agriculture)

Blockchain Supply Chain Market Leading Companies

The players profiled in the report are Auxesis Group, AWS, BTL Group, ChainLink, Huawei, IBM, Microsoft, Oracle, Provenance, SAP SE, TradeLens, TIBCO Software, VeChain, and Waltonchain.

Blockchain Supply Chain Market Regions