According to the market research report, the global demand for Blockchain in the retail market is predicted to worth USD 3,704 million by 2024, at a growing CAGR of 85.4 percent that is up from USD49 million in 2017. The augmenting acceptance of Blockchain for payments in the retail market is possible to harvest the demand of the technology throughout the forecast period. Many retailers and their suppliers today are utilizing Blockchain to simply transactional processes and lessen additional expenses.
The Blockchain is a ledger type of solutions utilized for maintaining a record of transactional data. It’s a decentralized set of data managed by computers in a peer-to-peer network, where each computer in the network has a ledger copy and is regularly updated to wipe out errors and track transactions. The technology supports retailers to track and validate products, find out fraud, lower the cost owing to automation, record contracts, and transactions. The Blockchain usage for loyalty and rewards in the retail sector is also projected to accelerate the Blockchain in the retail market during the estimated timeframe.
The market is classified into the product as public, private, and hybrid, where the hybrid segment is likely to grip a significant share, due to the rising demand of Blockchain in retail activities across the Asia Pacific region. On the basis of application, the Blockchain in the retail market is divided into the supply chain and inventory management, payments and accounting, advertising and consumer data, loyalty and rewards, fraud detection, and others, in which the payments and accounting segment is expected to grow at an extensive rate, because of developing Blockchain solutions retailers are investing huge amounts in the space.