Blockchain in Supply Chain Market Projected to Top $14.88 Billion by 2028

　　The increasing use of product traceability for better transparency in manufacturing processes and the demand for optimized security will make blockchain in the supply chain industry surpass $14.88 billion by 2028, according to a report by Research Dive.

　　The study indicated that the compound annual growth rate (CAGR) will be 57.4 percent throughout the predicted period between 2021 and 2028.

　　The use of blockchain technology in e-commerce platforms has fuelled growth. It is projected to remodel the supply chain market in the coming years by rendering product traceability, quality control, and transparency in manufacturing operations.

　　The epidemic has helped e-commerce websites increase, and this has been made a reality by technologies like machine learning (ML) and artificial intelligence (AI) (AI).

　　Per the report:

　　“By application, the product traceability sub-segment of the blockchain in supply chain market is anticipated to be the fastest-growing and reach $3.38 billion by 2028.”

　　The report found that enormous potential are afforded by the demand for automated, efficient, and transparent supply chains, and blockchain technology is projected to fill this need.

　　The Asia-Pacific area is expected to be the fastest-growing market by amassing income worth $4.063 billion. The study acknowledged:

　　“Increasing technological advancements and growing adoption of blockchain technology by leading organizations of this region to make supply chains more robust have been the main factors behind the growth of blockchain in supply chain market in the Asia-Pacific region.”

　　According to the survey, some of the main market players of the blockchain in the supply chain industry include Oracle, Microsoft, Huawei, TIBCO Software, AWS, Huawei, and IBM.

　　Nevertheless, the report pointed out that the lack of understanding about blockchain technology might be a stumbling hurdle in the projected expansion.

　　Meanwhile, the worldwide blockchain technology industry is predicted to reach $19.9 billion by 2026 from the present $3.4 billion value, according to market research firm Global Industry Analysts Inc.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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