Blockchain Supply Chain Market: By Component (Platform and Services), By Application (Payment & Settlement, Inventory Management, Compliance Management, Product Traceability, and Others), By End User (Manufacturing, Logistics & Transport, Healthcare, Energy & Resources, and Others), and Geography

Blockchain Supply Chain Market size was valued at USD 545.6 million in 2023 and is poised to grow at a 50.8% CAGR from 2024 to 2030. Blockchain provides a distribution ledger that records data of exchange, new technology opted to manage, record, and distribute through a digital platform, it provides real-time track information about the product. Supply chain companies benefit through blockchain to manage data visibility and product information with a single source of truth. Every transaction is recorded and made available to all entities in the network about the product movement. Increasing popularity and extensive spending in the supply chain escalate the market growth, the information regards the supply chain includes procurement data, bills, fees, tax approvals, and distributions, and various stakeholders adopted blockchain technology to increase transparency and efficiency of business operations such factors drive the market growth.

The overall supply chain network includes manufacturer, warehouses In, transportation, warehouses out, retailer, and customer this removes the middleman, the traditional supply chain includes legal bills, insurance, and bills settlement which is hectic to cover by introducing blockchain in supply chain removes the middleman and promote effective transparency of the product results creates lucrative opportunities in the blockchain market. The technological advancement and misunderstanding from legal regulatory bodies impact on blockchain market growth, and the security and authenticity for policymakers at both national and international levels are uncertain which are the major restraints in the market. Small and Medium-sized enterprises (SMEs) are adopting new technology for effective way of transportation, also it protects customer data and helps in cost cutting, eradicating the middlemen become the trend in the present. 

Blockchain Supply Chain Market Key Developments:

• In May 2022, EY launched EY OpsChain Supply Chain Manager, which is a new solution specifically focused on combining product traceability with inventory management across an extended supply chain.
• In December 2021, Solvay partnered with BanQu to launch a transactional platform based on blockchain for its guar supply chain to ensure full traceability and transparency, boost equality and revenues for local farmers, and reduce face-to-face interactions during the COVID-19 pandemic.
• In October 2019, IBM launched a blockchain-based supply chain service with AI, and IoT integration, allowing distributors, manufacturers, and retailers to integrate their data and networks as well as suppliers.