LONDON, Nov. 20, 2017 /PRNewswire/ -- Block chain is the world's leading software platform for digital assets. Block chain technology is basically a database that runs across a global network of independent computers.
Block chain acts as an open ledger such that every transaction on the network is recorded and is available for all to see and verify them. Hence this technology eliminates the need to transfer information between organizations through such things as e-mails, spreadsheets among other which makes it perfect for supply chain. Supply chain involves the collection of lot of data at various stages right from the collection of raw products to manufacturing to distribution. Block chain technology within the supply chain ensures the transparency at all levels of supply chain management.
Factors such as enhanced transparency and immutability, improving smart contracts, increasing security concerns among others acts as the growth drivers of the market. Besides, lack of awareness about the block chain, higher cost of investment restrain the market growth during the forecast period.
The report block chain market in supply chain is segmented into two segments: By type, by application. Based on type the market is divided into public, private and consortium segments.
Various types of applications discussed in this report include contract management, payment system, procurement and others. Moreover report is segregated based on geographic regions that include Americas, Europe, APAC and RoW to provide intense knowledge about the market.
North America holds the major share in block chain market in supply chain owing to technological advancements and early adoption of block chain in developed countries such as U.S. and Canada among others. APAC is witnessed as the fastest growing market during the forecast period due to increasing penetration of online transactions in this region.
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