Blockchain in Logistics Expected to Grow Through 2025 According to a New Study
A new report focusing on blockchain in logistics, published by Indian research firm Business Industry Reports reveals the actual size of the market in a SWOT (Strenght, Weakness, Opportunities, Threat) fashion, while it dives into the macroeconomics of some of the key players leading the global blockchain industry.
The 96-page long paid document costs $2,350 a PDF, although one-pagers can be requested directly at BI Reports’ website, while some insights can be found scattered across PR publishers online.
We’ve seen similar pricing by internationally accredited research firms and groups who subject blockchain technology into their latest reports, so it shouldn’t come as a surprise – especially when considering the amount of cherry-picked ready-to-absorb information harvested and organized by each respective research firm.
Whether your business is in need for such intel or not, we’ll try to present some of the highlights of the document as found at OpenPR, in an attempt to understand why the industry is shifting towards blockchain-specific applications, and why the logistics and supply chain industries are the driving forces behind this enterprise-grade trend.
How Blockchain Transforms The Supply-Chain Industry
We already know for a fact the supply chain industry is one of the most demanding, if not THE most demanding sector for blockchain technology, if we put aside alternative monetary systems such as Bitcoin, and focus on the business administration possibilities presented with a distributed ledger architecture.
Basically, if you analogize what’s missing from the current business models flooding the supply chain and logistics industry, blockchain makes almost absolute sense even from the first glimpse.
It offers the ability to register information regarding the origin, transfer, and storage conditions of an item on an immutable distributed ledger, where items can be tracked, authenticated and exchanged in the form of digital assets. At the same time, since we’re using DLT, the information is accessible by anyone involved in the supply chain of a specific product eliminating the need for frequent b2b communication, update letters, etc.
In one of our previous articles, we mentioned Christian Di Giorgio, the head of DLT at Inacta AG, a Swiss blockchain services provider who said:
“Crime pays when provenance is broken. The issue is knowing where a product comes from, knowing that it’s genuine. It runs from shoes to bags to the pharma industry and B2B market — medicine and car parts, for example.”
If this doesn’t make any sense, you can always sharpen your understanding of blockchain technology and its applications here.
Blockchain In Logistics Expected To Grow Through 2025 According To BI Reports
Business Industry Reports agree that transparency and optimization protocols make blockchain a natural scaling solution for the supply chain and logistics industries, suggesting that the demand for such solutions capable of upscaling logistical operations to the next level will keep growing until mid-decade.
Based on the crumbs of the information left at OpenPR, the Asia-Pacific region is expected to showcase the highest growth in the market between 2020 and 2024, attributing it to the increased demands of the local end-consumers.
Furthermore, the document implies that North America is the second-largest market for blockchain in logistics, while Europe is projected to be left quite behind, due to legal restrictions and regulations that don’t do any good to short-term blockchain adoption as expressed by China, and the US.
Some of the key industrial players heavily tackling with the opportunities presented include IBM, Maersk, Microsoft, Alibaba, Amazon, Walmart, Lynx, ShipChai, Deutsche Telekom, Vodafone, and more top-shelf companies that realize the vast potential unlocked with blockchain technology.
Although that’s a sneak peek of what’s presented in the full document, it seems that the overall intel is accurate based on global metrics and data on the subject, having in mind the supply-chain industry is indeed the leading sector in blockchain adoption on a business-level, and companies involved with its growth are obviously logistics giants, telecommunication firms, and other supply-chain infrastructure providers.
Would you disagree? What’s the industry most desperate for blockchain air right now according to your own data? Feel free to use the comment section below, or hit me @Twitter