Blockchain and distributed ledger technologies are already expanding outside the financial and insurance sector from which they emerged. New and promising use cases are being tested in a number of areas involved in digital transformation.
In particular, in the supply chain management, retail and consumer, art and entertainment, and public services.
ABI Research expects more than US$ 10.6 billion in revenues from software and services for all combined markets worldwide by 2023.
As Michela Mending, Research Director of ABI Research, said,”The success of blockchain in fintech has led to significant investments in the deployment of the underlying infrastructure for the development and testing of applications in other sectors. Technology giants such as Ibm, Microsoft, Amazon, Sap, Hpe and Oracle are pushing Blockchain-as-a-Service for first movers. Often allowing integration with their existing corporate software and cloud services
Numerous proof-of-concepts and high-profile pilots with leading multinationals are pushing both interest and increased investment in technology.
The advance of blockchain technology
In particular, cases of use to address endemic problems in the global supply chain are proving to be particularly popular. Blockchain technology is used to solve complex problems related to transparency, efficiency and cost.
Successful pilot projects run by names like Walmart and Maersk in tracking and monitoring products on a global scale are emerging in commercialised platforms that will be ready for the market in the coming months.
The success of the transition of these test cases to marketing in such a global industry in turn will lead to efforts to distribute the blockchain. As well as to address barriers and risks in other sectors, especially in adjacent areas.
The startup scene is growing dynamically in the face of this challenge. The weight of the activity is concentrated in North America, Europe and in some countries of the Asia-Pacific region.
These surveys come from ABI Research’s market data set in two reports. These are: Blockchain and Distributed Ledger Technologies and Blockchain In the Supply Chain: Reducing Friction for Faster And More Efficient Logistics. The reports are part of the Blockchain and Distributed Technologies research service of ABI Research, which includes research, data and executive foresight.
More information is available on the ABI Research website at this address.