Positive news for all fans of the blockchain technology. According to the latest study, the blockchain market value in global retail will be increased 29 times in just five years.
Already, we can observe the latest news, when large corporations from various industries are confidently integrating and testing blockchain technology to improve services. Moreover, the created blockchain-based solutions are becoming increasingly popular in retail.
In the study, experts predict that the total market value of such applications will increase from $ 80 million to $ 2.3 billion by 2023.
A new study presented by Monica Eaton-Cardone, the founder of Global Risk Technologies, demonstrates a detailed analysis of the applications that are now widely used in business. A special role is played by the use of the blockchain and distributed ledger technology in the retail sector.
She also analyzed five major retail solutions: supply chain management, registry management, authenticity verification, automatic renewal and subscription services, as well as customer data and loyalty programs. The ideal example of supply chain management, the author called the project, in which Walmart and IBM collaborate.
In order for the blockchain to be able to completely consume all the industries, it is necessary to solve several key problems. The author of the study highlights among such problems: data privacy, as well as the interaction of blockchain technology with existing and future legal and regulatory frameworks. Due to the fact that large companies have already begun to actively test the blockchain, the solution to these problems is only a matter of time.
Let us remind that the tech giant Amazon has introduced a new service for customers, allowing them to develop a blockchain network without the associated costs of creating their own platform.