The adoption of Blockchain technology is on its swing as it integrating rapidly into several industries across a wide range of functions. As in some cases, the technology revolutionizing processes and transactions, it has the potential to become the universal operating system supply chain, growing security, improving transparency and creating the scalability. According to a recent report, Global Blockchain technology in Supply Chain Management market is expected to worth USD 666.61 million by 2024.
The market is rising regarding the increasing intricacies due to the time-bound deliveries and customization of the supply chain. In terms of investment potential in various segments of the market, the Blockchain in Supply Chain Market illustrates the feasibility of a new project to be successful in the coming future. Moreover, the core segmentation of the global market is based on product types, SMEs and large corporations. On the basis of region, North America is the leading region across the world in the Blockchain technology in Supply Chain Management. Furthermore, due to the rising number of research activities in countries, including China, India, and Japan, the Asia Pacific region is also expected to manifest a higher growth rate throughout the projected years.
The blockchain is a shared, digitized ledger technology, which cannot be altered once a transaction has been recorded and confirmed. All parties to the transaction, in addition to a significant number of third-parties, maintain a copy of the ledger i.e. the blockchain that means it would be practically unfeasible to make changes in every copy of the ledger globally to fake a transaction.