Supply chains are being redefined by blockchain’s distributed ledger framework with the help of the Internet of Things real-time monitoring and tracking capabilities. Blockchain offers promise for increasing the speed, scale, and visibility of supply chains primarily by eliminating counterfeit transactions. However, in addition it also improves batching, routing and can enhance inventory controls. Blockchain’s shared, distributed ledger architecture is accelerating IoT adoption in many types of commercial applications.
- The majority of enterprises are prioritizing their blockchain pilots that concentrate on supply chains improvements (53%) and the Internet of Things (51%) according to Deloitte’s latest blockchain survey.
- By 2023, blockchain will support the global movement and tracking of $2T of goods and services annually based on a recent Gartner
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services.
- The Supply Chain Management enterprise software market is growing from $12.2B in 2017 to $20.4B in 2022, achieving a 10.7% Compound Annual Growth Rate (CAGR) according to Gartner’s latest market forecast.
- Of the many blockchain and IoT Proof of Concept (POC) pilots running today, track-and-trace shows the most significant potential of moving into production.