Blockchain in Manufacturing Market Market Is Expected To Grow With A CAGR of 71.90% From 2022 To 2028
Blockchain technology is referred
to as a shared, immutable ledger that helps facilitate the process of tracking
assets and recording transactions in a business network. An asset can be
tangible or intangible. Virtually anything that is of importance and value
can be easily tracked and traded on a blockchain network, further reducing the risk
and cutting costs involved. Blockchain is one of the most ideal ways
which is used for delivering information since it provides instant, shared, and entirely
transparent data stored on an immutable ledger that can be retrieved and
accessed only by permission network members. A blockchain network in
manufacturing can help to track orders, accounts, payments, and production,
among others. It further helps in giving an immediate and minimum cost trust for
the trading partners in any financial or trading relationship.
The increasing benefits of blockchain are anticipated to augment the growth of the global Blockchain in Manufacturing Market market during the forecast period. Blockchain helps strengthen the supply chain and trading relationships while facilitating more ethical consumerism with the provenance of components and manufactured goods. For instance, the blockchain helps enable supply chain transparency by creating an immutable, distributed, and shared ledger to transact with your supply chain partners in a more trusted and efficient way with speed, accuracy, and connectivity required for the process. Furthermore, it helps in supplier management by accelerating supplier onboarding, reducing expenses related to supplier qualification, validation, and lifecycle management, reducing compliance risk, and offering access to verified data. Additionally, blockchain also helps generate unchallengeable documentation of quality checks and production process data. The database uniquely tags each product and automatically inscribes every modification, transaction, or quality check on the blockchain.
However, the lack of awareness about blockchain’s potential among manufacturers and inconsistent business semantics and conflicts related to data ownership is expected to hinder the growth of the market in near future. Moreover, the increase in global blockchain-related patent filings and transforming international trade and supply chain management will further support the growth of the market. Additionally, the high adoption of blockchain technology for payments, smart contracts, and digital identities is also likely to create immense opportunities for obesity treatment during the estimated timeframe.
Asia Pacific held the largest market share in 2021. This is attributable to the increasing adoption of blockchain technology by organizations in the region. Furthermore, an increase in the implementation of payment and wallet solutions, digital identity detection solutions, and smart contracts are also likely to support the regional growth of the market. Additionally, the rising need of blockchain technology in manufacturing for transparency and security in transactions is also expected to support the growth of the market in near future.
Some of the prominent players operating in the global Blockchain in Manufacturing Market market include NVIDIA Corporation (US), XAIN AG (Germany), CargoX (Slovenia), RIDDLE&CODE GMBH (Austria), Chronicled (US), LO3 Energy (US), Electron (UK), Filament (US), Grid Singularity (Germany), Shipchain (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), International Business Machines Corporation (US), Intel Corporation (US), Oracle Corporation (US), Factom (US), BigchainDB GmbH (Germany), Blockchain Foundry Inc. (Canada), Wipro Ltd. (India), Amazon.com, Inc. (US), Syncron International AB (Sweden), Electron (UK), ChromaWay AB (Sweden), Project Provenance Ltd (UK), Everledger Ltd. (UK), Supercomputing Systems AG (Switzerland), Storj Labs Inc. (US), and Cloud Technology Partners, Inc. (US)..
Browse the full Report - Blockchain in Manufacturing Market Size, Share & Trends Analysis Report by Application (Predictive Maintenance, Asset Tracking and Management, Business Process Optimization, Logistics and Supply Chain Management), by End Use (Energy & Power, Industrial, Automotive, Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)