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Blockchain for Supply Chain Traceability Market Trends

Report ID: GMI10586
Published Date: Aug 2024
Report Format: PDF

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Blockchain for Supply Chain Traceability Market Trends

The supply chain traceability industry is undergoing a paradigm shift towards collaboration and partnership. Companies recognize that to fully harness blockchain's benefits, they must work with all supply chain stakeholders, including suppliers, manufacturers, distributors, and retailers. Industry consortia allow these parties to develop and implement blockchain solutions that address common challenges and create shared value. These collaborative efforts standardize blockchain protocols, enhance interoperability, and accelerate the adoption of blockchain technology.

In November 2021, NSF partnered with industry experts to introduce NSF Verify, an innovative agri-food supply chain system. This platform provides advanced animal identification and traceability, digitally tracking each animal's journey from birth to market. It secures real-time data using a blockchain-enabled database. This development underscores the growing adoption of blockchain solutions to meet the increasing demands for trust and accountability in global supply chains.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of blockchain for supply chain traceability reached USD 2.1 billion in 2023 and is set to register a CAGR of over 31.9% between 2024 and 2032, backed by the increasing demand for transparency and accountability in supply chains.

The platform segment accounted for a market share of over 63% in 2023, due to the increasing focus on regulatory compliance, along with stricter regulations on product safety and ethical sourcing.

North America had a significant market share of around 43% in 2023, particularly in the pharmaceuticals and food sectors, companies are increasingly adopting blockchain solutions to ensure product safety and authenticity.

IBM Corporation, Microsoft Corporation, SAP, Oracle Corporation, Accenture PLC, VeChain, Amazon Web Services (AWS), and Infosys Ltd.