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Industrial Blockchain Market Segmented By Application such as Predictive Maintenance, Asset Tracking And Management, Business Process Optimization, Logistics And Supply Chain Management, Real-Time Workforce Tracking And Management, Quality Control and Compliance, Counterfeit Management
Blockchain technologies have recently come to the forefront of the scientific and industrial communities. Industries from insurance to gaming have started to test and implement blockchain technology for wide range of applications. Industrial applications have begun to improve revenue or operational by sharing immutable data among companies, organizations and government entities.
The adoption of blockchain technologies and the integration of these technologies in different situations enables many industrial applications through increased efficiency and security; enhanced traceability and transparency and reduced costs. The wider adoption of blockchain technologies in various industrial applications would expected to drive the growth of industrial blockchain market
The widespread impact of novel coronavirus pandemic is revealing a significant vulnerability in corporate supply chains. Business process functions across most industries are severely disrupted due to the immense pressure of the pandemic crisis. The Covid-19 pandemic has many potential victims, one of which is privacy.
Amid the coronavirus pandemic the adoption of Blockchain technologies has seen more into healthcare industry applications. Blockchain technologies are used to gather and collate patient data more efficiently, monitor patients’ movements to guarantee social distance, and protect their identity at the same time.
Blockchain technology is used to replace the old school usernames and passwords systems by providing personalized, encrypted digital identities that can use to manage everything including online information and personal information, while protecting personal identity and other sensitive information.
It is estimated that the blockchain market has grown with significant growth rate of around 50% CAGR in the past 5 years. However, during the pandemic the industrial blockchain market has grown by nearly 10% - 12% in Q1-Q3 2020 and is projected to show rapid growth in the coming quarters of 2021.
Convergence of Blockchain and Industry 4.0 Applications
The emergence of fourth Industrial Revolution, also known as Industry 4.0 has introduced new disruptive technologies that are being considered to be incorporated in the factory environment.
One of these technology includes blockchain which helps integrate heterogeneous systems, manage financial transactions and component identifying information. This could help in quantifying and managing quality problems with a higher level of specificity.
Moreover, blockchain technology helps reduce the risk of single point of failure and network attacks using the distributed network nodes. Thus the increasing adoption of blockchain based solutions in various industry 4.0 applications would propel the industrial blockchain market growth in the coming years.
Wide Adoption of Blockchain Technologies in Manufacturing Industries
Blockchain technologies have the potential to drastically change the face of manufacturing industry. Especially, the blockchain technology in mostly adopted for supply chain management and auditing purposes by several start-ups and large companies.
The technology provides enhanced visibility into the value chain processes, as it allows an entire service supply chain to see when and where parts are moving to ensure the repair is made just in time.
Moreover, the role of blockchain technologies in Industry 4.0 and the Internet of Things (IoT) is more critical. Companies are combining blockchain solutions with 3D printing to enable new manufacturing processes. Thus, the rise in adoption of blockchain technologies in manufacturing industries would drive the market growth.
Key players in the industrial blockchain market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced industrial blockchain solution and services to effectively conduct industrial process and improves security measures.
The major players offering industrial blockchain solutions include IBM Corporation, Intel Corporation, Microsoft Corporation, Factom, Wipro Limited, Blockchain Foundry Inc., XAIN AG, among others.
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