Blockchain is a system of records that manages and tracks transactions carried out using Bitcoin and other kinds of cryptocurrency. Each part of the blockchain contains transaction data as well as a timestamp, which cannot be altered by nature. Blockchain is a distributed ledger that holds data without the need for a central authority. It can be used for a variety of purposes, including integrity management, digital currency, and foreign exchange transfer. Presently Blockchain is extensively used in the manufacturing industry for supply chain management, digital product memory, Internet of Things, Industry 4.0 applications, 3D printing, and other applications.
Jersey City, New Jersey, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Blockchain In Manufacturing Market” By Application (Asset Tracking and Management, Real-Time Workforce Tracking and Management), By Vertical (Aerospace and Defense, Energy & Power, Automotive), and By Geography. According to Verified Market Research, the Blockchain In Manufacturing Market size was worth USD 40.0 Million in 2021 and is expected to generate a revenue of USD 766.2 Million in 2030, growing at a CAGR of 80.0% during the forecast period i.e. 2022-2030.
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Global Blockchain In Manufacturing Market Overview
Blockchain technology can be utilized to provide better visibility, scalability, and security when resources, goods, parts, and money are traded along the manufacturing industry supply chain. The market is expected to rise due to the growing demand from the energy and electricity sectors, as well as the industrial sector. Increasing worldwide energy demand motivates energy and power firms to explore blockchain solutions that can help them improve productivity while reducing maintenance and downtime.
The global blockchain in manufacturing market is expected to increase due to the incorruptible nature of the blockchain, as well as the expanding number of applications that use it. Raising venture capital funds and investments in various blockchain technologies are also critical to market expansion. Other notable drivers pushing the blockchain in the manufacturing sector are the increased demand for greater supply chain transaction security, lower operating costs, and the growing use of blockchain technology in retail and supply chain management.
- In December 2020, using the IBM Blockchain Transparent Supply (BTS) platform, IBM Research developed a solution for the textile industry. It allows customers to trace the full fabric manufacturing process, from raw material receipt to cleaning, spinning, weaving, quality control, distribution, and sales.
The major players in the market are IBM Corporation, Intel Corporation, Microsoft Corporation, Amazon.Com, Inc., Nvidia Corporation, Advanced Micro Devices, Factom, Wipro Limited, Oracle and Xain AG and among others.
Verified Market Research has segmented the Global Blockchain In Manufacturing Market On the basis of Application, Vertical, and Geography.
- Blockchain In Manufacturing Market, By Application
- Asset Tracking and Management
- Real-Time Workforce Tracking and Management
- Quality Control and Compliance
- Predictive Maintenance
- Logistics and Supply Chain Management
- Business Process Optimization
- Counterfeit Management
- Blockchain In Manufacturing Market, By Vertical
- Aerospace and Defense
- Energy & Power
- Food & Beverages
- Blockchain In Manufacturing Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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