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The use of Blockchain in the supply chain industry has brought big changes. It offers more openness, safety and quicker work than ever before. Some factors in the market are causing more and more people to use Blockchain for supply chains. A main point in the market is that people need more openness when it comes to supply chain steps. As people start to care more about where things come from and make sure they are ethical, companies have to give clear and simple details about the sources of their products.
This is because it's getting harder for them not too. Blockchain's not-central and safe ledger makes sure every deal and move in the supply chain is written down clear for everyone to see. This openness not only earns the trust of customers but also helps firms match rules set by government. People are also using Blockchain in the supply chain because of worries about security. Old supply chain systems can be tricked, copy things wrongly and get attacked by bad computer stuff.
Blockchain solves these problems by using secret codes and spreading out power, making it very hard for bad people to change or mess up the details in the chain. This extra safety thing is making it very attractive for businesses to keep their supply chain safe and protect important information. Another major market factor that is driving the use of Blockchain in supply chains is increased efficiency. Old-fashioned supply chain ways use many people, lots of papers and manual checks.
This can slow things down and make it hard to do well. Blockchain makes these processes easier by giving a single, unchangeable truth source that everyone can view at any time. Smart contracts, which are self-running agreements with conditions built into code try to automate parts of purchase orders. This reduces the need for people in the middle and speeds up things too.
Cutting costs is also an important market factor. Blockchain gets rid of the need for middle people, lowers mistake and makes things simpler. It saves businesses money in total costs. By giving a better and clearer supply chain, firms can make their tasks easier, lower chances of problems happening and use money properly. This being cheap has made Blockchain a nice choice for businesses wanting to increase their profits.
Blockchain technology is in high demand because of global connection and how complicated modern supply chains are. Since supply chains go across many countries and involve lots of people, a single safe system is really important. Blockchain's ability to create a decentralized and shared ledger that all participants can trust facilitates seamless collaboration across borders, fostering a more connected and efficient global supply chain ecosystem.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.7 Billion |
| Market Size Value In 2023 | USD 1.0 Billion |
| Growth Rate | 45.5% (2023-2032) |
Blockchain Supply Chain Market Highlights:
Blockchain in Supply Chain Market Overview
The Blockchain in Supply Chain Market is projected to grow from USD 1.455 billion in 2024 to USD 20.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 39.19% during the forecast period (2024 - 2032). Additionally, the market size for blockchain in supply chain was valued at USD 1.0 billion in 2023.
Increasing demand for cost and time efficiency in supply chain management are the key market drivers enhancing the market growth.
Figure 1: Blockchain in Supply Chain Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain in Supply Chain Market Trends
Growing demand for transparency and traceability drives market growth
The increasing requirement for transparency and traceability in supply chain management is driving the market CAGR for blockchain in the supply chain market. Traditional supply chain management systems are frequently plagued by transparency and traceability difficulties, such as counterfeiting, fraud, and a lack of visibility. These difficulties can cause considerable losses for enterprises, as well as harm to consumer trust and brand reputation. Blockchain technology, by offering a secure and transparent platform for tracking and tracing products along the supply chain, can help address these concerns. The technology enables the construction of a tamper-proof and unchangeable record of all product transactions and occurrences, from the point of origin to the point of consumption. This gives organizations real-time visibility into their supply chain, allowing them to identify and address issues as they arise.
By offering a safe and transparent platform for confirming the authenticity of items, blockchain technology can also assist reduce the danger of fraud and counterfeiting. This can assist firms in protecting their brand reputation and consumer trust, as well as preventing losses due to fraudulent activity.
Another driver of the blockchain in the supply chain business is the technology's cost and time efficiency. Traditional supply chain management systems are frequently complex and involve several intermediates, resulting in delays, errors, and expensive prices. By eliminating the need for intermediaries and offering a safe and transparent platform for all transactions, blockchain technology can help streamline the supply chain. Walmart, for example, has deployed a blockchain-based supply chain management system that allows it to track the origin and movement of products in real time. Walmart has reduced the time it takes to track food products from six days to two seconds, allowing the corporation to increase supply chain efficiency and cut expenses.
Blockchain technology can also assist to reduce the cost of supply chain management by doing away with the need for middlemen. The technology enables firms to transact directly with one another, eliminating the need for a middleman. This can assist minimize transaction costs and increase supply chain efficiency.
Moreover, growing demand for long-term supply chain management. Businesses are under increasing pressure to implement sustainable practices and limit their environmental effect. Blockchain technology can assist businesses in accomplishing these objectives by offering a transparent and secure platform for tracking and tracing the environmental impact of their supply chain.
As an example, IBM has created the IBM Food Trust, a blockchain-based platform that allows businesses to track the origin and movement of food goods along the supply chain. The tool gives organizations real-time visibility into their supply chain's environmental impact, allowing them to discover areas where they may lower their environmental footprint.
Blockchain technology can also assist businesses in meeting their sustainability objectives by allowing them to manage and trace the use of sustainable materials and goods throughout their supply chain. The technology can provide a transparent and secure platform for confirming the origin and authenticity of sustainable products, assisting businesses in meeting the growing consumer demand for sustainable products.
Blockchain in Supply Chain Market Segment Insights
Blockchain in Supply Chain Application Insights
The Blockchain in Supply Chain Market segmentation, based on Application includes Payment & Settlement, Counterfeit Detection. In 2022, the counterfeit detection category led the market growth. Used to determine whether or not a product is genuine. Blockchain-based anti-counterfeiting solutions employ barcodes to track and trace products along the supply chain and guarantee that buyers receive genuine goods. Payment and settlement, on the other hand, is expected to be the fastest increasing. Increased use of blockchain systems to automate supply chain procedures.
Blockchain in Supply Chain Provider Insights
The Blockchain in Supply Chain Market segmentation, based on Provider, includes application & Solution Provider, Middleware Provider. In 2022, application and solution providers accounted for the majority of blockchain market growth in the supply chain industry. The market has grown significantly as a result of the adoption of highly complex blockchain supply chain management systems. The middleware provider category, on the other hand, is expected to increase at the fastest rate during the projected period. Typically, "blockchain middleware" software functions connect several interrelated instances and components of blockchain data. It can also refer to software that merges multiple blockchain implementations into a single interface for user convenience and (usually) scale.
Blockchain in Supply Chain Vertical Insights
The Blockchain in Supply Chain Market is segmented by vertical, which comprises Retail & Consumer Goods, Manufacturing. The retail consumer goods industry has a monopoly on the blockchain supply chain market. It is expected to maintain its dominance as retail players use it to streamline their supply chain procedures. Furthermore, blockchain ensures quality, product safety, reliability, and authenticity, as well as providing supply chain partners with information on the whereabouts of their goods. These factors fuel blockchain market growth in the retail business.
Figure 2: Blockchain in Supply Chain Market, by Vertical, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain in Supply Chain Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America held the majority of the market share in 2022. North America is recognized as having the most advanced infrastructure and technological adoption. The fundamental influencing element in this industry is the overall behaviour of the major blockchain technology solution providers. Companies across a variety of industries, including as manufacturing, healthcare, retail and consumer products, and logistics, provide an important opportunity for vendor growth.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BLOCKCHAIN IN SUPPLY CHAIN MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Blockchain in Supply Chain Market accounts for the second-largest market share due to increasing adoption of blockchain technology in the region, particularly in the financial and logistics industries. Further, the German Blockchain in Supply Chain Market held the largest market share, and the UK Blockchain in Supply Chain Market was the fastest growing market in the European region
The Asia-Pacific Blockchain in Supply Chain Marketis expected to grow at the fastest CAGR from 2023 to 2032. This is because of its early acceptance of emerging technologies. Moreover, China’s Blockchain in Supply Chain Market held the largest market share, and the Indian Blockchain in Supply Chain Market was the fastest growing market in the Asia-Pacific region.
Blockchain in Supply Chain Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Blockchain in Supply Chain Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Blockchain in Supply Chainindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Blockchain in Supply Chain industry to benefit clients and increase the market sector. In recent years, the Blockchain in Supply Chain industry has offered some of the most significant advantages to medicine. Major players in the Blockchain in Supply Chain Market, including IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, and others, are attempting to increase market demand by investing in research and development operations.
The International Business Machines business (IBM), also known as Big Blue, is a multinational technology business headquartered in Armonk, New York, with operations in more than 175 countries. It specializes in computer hardware, middleware, and software, as well as hosting and consulting services spanning from mainframe computers to nanotechnology. IBM is the world's largest industrial research organization, with 19 research labs in a dozen countries. In 2021, IBM collaborated with Chainyard to create Trust Your Supplier, a blockchain-based supply chain management tool. The platform's goal is to make supplier management easier by offering a safe and transparent platform for tracking supplier information including certifications and compliance.
Maersk A/S is a Danish shipping and logistics firm founded by Peter Mrsk Mller and Arnold Peter Mller in 1904. Shipping, port operations, supply chain management, and warehousing are all part of Maersk's business. In 2022, the corporation will be headquartered in Copenhagen, Denmark, with subsidiaries and offices in 130 countries and over 110,000 workers worldwide.In 2020,Maersk, the world's largest container shipping firm, collaborated with IBM to build TradeLens, a blockchain-based platform. The platform's goal is to digitize the supply chain and provide a secure and transparent platform for tracking cross-border commodities movement.
Key Companies in the Blockchain in Supply Chainmarket include
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IBM Corporation (US)
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Ripple (US)
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Coinbase (US)
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Microsoft Corporation (US)
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Chain Inc.(US)
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Abra Inc (US).
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Blockchain Tech Ltd (UK).
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Earthport PLC (UK)
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Bitfury Group ( The Netherlands)
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Deloitte Inc. (UK)
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Digital Asset Holdings (US)
Blockchain in Supply ChainIndustry Developments
In July 2023- Hyundai Motor Company and Kia Corporation have introduced a blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to manage the carbon emissions of their cooperative business partners or suppliers. This system uses artificial intelligence (AI) and blockchain technology to monitor and track the carbon emissions of suppliers, helping them to reduce their environmental impact and improve their sustainability.
The blockchain-based supply chain traceability solution known as TrusTrace Certified Material Compliance was introduced in 2022 by the Stockholm-based SaaS startup TrusTrace. In addition to its current platform for supply chain transparency and product traceability, the company views its new innovation as a one-stop shop for material compliance. One of its early users and contributors, sports brand adidas, helped shape its development in accordance with the company's aspirational sustainability targets for the upcoming years.
A collaboration and information-sharing solution was introduced in 2019 between Walmart Canada's blockchain-based freight and payment network and seventy third-party trucking businesses that deliver Walmart Canada's products. Together with DLT Labs, Walmart Canada conceived and developed the solution. According to the firms, this is the largest blockchain solution in full production for any industrial use globally. Blockchain is facilitating a significant improvement in our supply chain's smart transportation network, including quicker payments, significant cost reductions, and other advantages.
In October 2022- BASF Agricultural Solutions has launched a blockchain platform to trace sustainably produced FiberMax cotton from seed to sew, ensuring greater transparency and traceability for fashion brands. The "Seed 2 Sew" pilot project addresses the complexity of the cotton supply chain, enabling brands to source sustainable cotton with confidence. By using blockchain technology, BASF provides a secure and transparent way to track the origin and movement of cotton throughout the supply chain.
In August 2022- OrionOne and VeChain have integrated their technologies to enable logistics companies to easily adopt blockchain technology. OrionOne's logistics platform is now connected to VeChain's blockchain platform, allowing companies to rapidly onboard and start using blockchain without significant investments in infrastructure or cryptocurrency management. This integration aims to accelerate blockchain adoption in the logistics industry.
In May 2020- Mediaocean, a software provider, and IBM iX, a digital agency, have launched a blockchain consortium for the digital media supply chain. This collaboration aims to increase transparency and efficiency in the industry by using blockchain technology to track ad spend and verify advertising inventory. The consortium will also address issues such as brand safety and fraudulent activity in the digital advertising space.
Blockchain in Supply Chain Market Segmentation
Blockchain in Supply Chain Market By Application Outlook
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Payment & Settlement
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Counterfeit Detection
Blockchain in Supply Chain Market By Provider Outlook
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Application & Solution Provider
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Middleware Provider
Blockchain in Supply Chain Market By Vertical Outlook
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Retail & Consumer Goods
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Manufacturing
Blockchain in Supply Chain Regional Outlook
- North America
o US
o Canada
- Europe
o Germany
o France
o UK
o Italy
o Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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