Report Description Report Description and Highlights

As a result, blockchain is extensively used by businesses to minimize the risks encountered during the transportation of goods and track transactions.

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Global Blockchain Supply Chain Market Trends:

The widespread adoption of the blockchain supply chain across various industrial verticals can be attributed to the increasing need for effective online transactions with enhanced transparency and security. This is further influenced by the shifting user inclination toward blockchain technologies to mitigate the requirement of appointing intermediaries for transaction validation and negotiation purposes in the supply chain management (SCM) processes. In line with this, the growing awareness amongst small and medium-sized enterprises (SMEs) regarding the various benefits associated with the usage of blockchain supply chain technologies, such as lower pricing, continual monitoring of product flow, and increased corporate transparency, is acting as another growth-inducing factor. Additionally, the large-scale utilization of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies by enterprises to authenticate process information and improve data security and transparency is contributing to the market growth. Moreover, the extensive utilization of blockchain supply chain in the pharmaceutical industry to mitigate various illegitimate activities, such as illegal production of harmful medicines, improper stick control, and counterfeit drugs, is impelling the market growth. Other factors, such as the uptake of e-commerce platforms, especially during the COVID-19 pandemic, and strategic collaborations amongst key players to integrate advanced solutions with technology are creating a positive outlook for the market.