NEW YORK: According to a market research reported by IndustryARC, the blockchain market in supply chain is expected to reach $424.24 million by 2023, with a compound annual growth rate of 48.37 percent during the forecast period. A supply chain is a network between a company and its suppliers to produce and distribute products or services to the customer.
Adoption of blockchain technology in the supply chain industry makes information accessible and modifiable at any node. The report indicates that enhanced transparency and immutability, improving smart contracts, increasing security concerns are factors that drive the growth of the market.
Last year, IBM outlined the potential uses of blockchain technology in the supply chain of cannabis sales. According to the proposal: “Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”