DUBLIN--(BUSINESS WIRE)--Aug 22, 2018--The "Global Blockchain in Supply Chain Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.

The global Blockchain in supply chain market is expected to have a significant compounded annual growth rate of 87%, and reach a market size of USD 3,314.6 million by 2023. North America is expected to dominate the Blockchain in Supply Chain Market during the forecast period.

An increasing need for supply chain transparency and increasing demand for enhanced security of supply chain transactions are expected to drive the market during the forecast period. Supply chains across industries and countries will be reimagined, improved, and disrupted by Blockchain technology.

Now, there are safer and more efficient ways to connect with business partners and also to track and exchange any type of asset. The ability to use Blockchain technology to create the next generation of digital supply chain networks and platforms will be central to the success of business.

Blockchain transactions have become more flexible and many manual tasks are carried out automatically using smart contracts. Some of the major factors which are driving the market growth are raising cryptocurrency market capital, initial coin offering (ICO) and faster transactions.

The technology ensures enhanced transparency for consumers in the supply chain. It allows the consumers to trace and give an assurance of origin in the trade.

Although the Blockchain in Supply Chain Market is expected to have a positive growth globally, still, there are still a few threats to the market. The market constraints involves threat to personal information and high diagnostic cost as a barrier.

Blockchain technology has often been compromised, resulting in the theft of millions of dollars' worth of cryptocurrencies. The potential risk of hardware or software failure can be another risk in the supply chain.

Lack of awareness about the Blockchain and higher cost of investments can restrain market growth during the forecast period.

Companies Featured

Abra Bitfury Group Ethereum foundation IBM Skuchain Factom Monax Chainvine Guardtime Blockcypher Inc.

For more information about this report visit https://www.researchandmarkets.com/research/d33nfk/global_blockchain?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180822005312/en/

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SOURCE: Research and Markets

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PUB: 08/22/2018 07:09 AM/DISC: 08/22/2018 07:09 AM