Top 10 Ways Internet Of Things And Blockchain Strengthen Supply Chains
- “The majority of enterprises are prioritizing their blockchain pilots that concentrate on supply chains improvements (53%) and the Internet of Things (51%) according to Deloitte’s latest blockchain survey.
- By 2023, blockchain will support the global movement and tracking of $2T of goods and services annually based on a recent Gartner.
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services.
- The Supply Chain Management enterprise software market is growing from $12.2B in 2017 to $20.4B in 2022, achieving a 10.7% Compound Annual Growth Rate (CAGR) according to Gartner’s latest market forecast.
- Of the many blockchain and IoT Proof of Concept (POC) pilots running today, track-and-trace shows the most significant potential of moving into production.
Combining blockchain’s distributed ledger framework with the Internet of Things’ (IoT) proven real-time monitoring and tracking capability is redefining supply chains. Blockchain shows potential for increasing the speed, scale, and visibility of supply chains, eliminating counterfeit-goods transactions while also improving batching, routing and inventory control. Blockchain’s shared, distributed ledger architecture is becoming a growth catalyst for IoT’s adoption and commercial use in organizations.”