Blockchain for Cold Chain Logistics Market Size

Blockchain for Cold Chain Logistics Market Size

Blockchain for Cold Chain Logistics Market size was valued at USD 417.38 billion in 2023 and is anticipated to register a CAGR of over 14.1% between 2024 and 2032. The increasing demand for real-time data analysis is a critical driver in the growth of the market. Blockchain in logistics has been continuously focusing on eliminating paperwork & enabling better traceability. Industry players are focusing on the potential of blockchain technology to enhance transparency and to reduce costs in cold chain logistics.

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In November 2022, Microsoft Corp. announced the Microsoft Supply Chain Platform, which helps organizations maximize their supply chain data estate investment. Microsoft brought AI, collaboration, low-code, security, and SaaS applications in a composable platform which had resulted in development in the field of blockchain for cold chain logistic market.
 

Usage of blockchain technology has improved supply chain transparency and monitor provenance, this leads to gathering data about how goods are manufactured, how they are handled, where they come from such information is stored in blockchain system. This indicates stable, easily accessible & shareable data, which promotes logistic key players to trace and track the goods. Companies can use this information to grant proof of authenticity for products in healthcare and pharmaceutical shipments.
 

For instance, in June 2024 Overhaul, a global pioneer in proactive supply chain risk management and intelligence, unveiled its groundbreaking Cold Chain Quality Solution. This advanced software leverages blockchain technology to deliver unparalleled risk and quality management for time and temperature-sensitive cargo in the pharmaceutical, healthcare, and high-value food and beverage sectors.
 

The adoption of blockchain technology in cold chain logistics requires substantial financial investment. This includes costs related to the development, integration, and maintenance of blockchain systems, as well as training personnel to effectively use the technology. Small and medium-sized enterprises (SME) may find it particularly challenging to allocate the necessary funds, potentially limiting the widespread adoption of blockchain solutions within the industry. Additionally, the return on investment (ROI) may not be immediately apparent, making it difficult for companies to justify the initial expenditure.