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One of the most prolific applications of blockchain is expected to be in the supply chain industry. A new research report from Technavio now suggests that blockchains in the supply chain industry will grow at a combined annual growth rate of 78.39 percent between 2019 and 2023. The industry is expected to find more value in the cryptographically managed system that helps in improving efficiency and reducing theft.

The report suggests that the key driving factor that will lead to unprecedented growth in the market will be risks related to cargo theft and mishandling.  These concerns are even more prevalent in the international markets affecting consumers and businesses negatively. As globalization of trade leads to businesses coming closer across the world, global seaborne trade is also becoming more prevalent. This calls for the need for stronger supply chains that reduce the chances of cargo being stolen during transit.

In 2016 alone, about 220 cases of armed robbery and piracy were reported globally. New logistics management systems with improved connectivity, especially those based on the blockchain technology could be instrumental in reducing theft as it allows tracking over an immutable ledger.

Technavio writes:

“The technology helps different stakeholders in the supply chain to reduce cargo thefts, as information stored via blockchain technology cannot be manipulated. Furthermore, shippers can track and trace the entire shipping chain. These factors will drive the growth of the market in focus during the forecast period.”

The rising demand for blockchains in the global supply chain will also increase the demand for blockchain-as-a-service offerings. Vendors providing BaaS set up blockchain-connected nodes for enterprise and manage the chain as well as the back-end on behalf of their clients. SAP, IBM, Microsoft, and Oracle are few of the prominent technology companies that could be offering these services to their enterprise customers.

Amazon Web Services has already launched a BaaS solution for enterprises. These solutions help in reducing the capital costs of developing a blockchain in-house and provide access to world-class services from the top players in the market.

For supply chains, blockchains could be one of the most revolutionary technologies of modern times. Technavio suggests that the global economic crisis is leading to cargo thefts as pirates become a nuisance for companies. Though blockchains may need substitute technologies for tracking cargo, the report predicts that good times are ahead for the industry.

Blockchain Market in Supply Chain Industry Will Grow at 78.39% Between 2019-2023 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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