Blockchain boosting speed, trust and security of existing supply chains and for more complex IoT world

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Blockchain boosting speed, trust and security of existing supply chains and for more complex IoT world

The global supply chain market is made up of the $8.6 trillion logistics market, the $16.6 trillion export merchandise market.

Supply chains are massive.
Supply chains are mostly B2B (business to business), with the last mile B2C. The demands of the supply chain market are different than finance:
the amount of data is larger,
transactions are more complex,
contracts are living things, and
coordination of activities among partners is critical. 

Supply chains that manage global commerce represent more than $50 trillion, or approximately 70% of global GDP. According to a 2015 PwC Annual Global Working Capital Survey, as much as $3.4 trillion in working capital is tied up in this realm at any given time, and for many industry sectors, this trend is getting worse.

Walmart performed a blockchain supply chain test to track Mangoes and reduced the time to track from 7 days to 2.2 seconds.

IBM and Danish shipping giant Maersk announced a joint venture to use blockchain in shipping supply chain. In a sector which handles around U$4 trillion of goods per year, the firms said they expected savings of up to 15 percent of this amount, mostly by eliminating the bureaucracy and corruption risk in manual procedures.

Accelerating Internet of Things

Identification, connection, security, and the management of so many devices are the obstacles to remove for IoT widespread adoption. By 2019, 20% of all IoT deployments will have basic levels of blockchain services enabled.

According to Gartner, by 2020, the Internet of Things (IoT) installed base, excluding PCs, tablets, and smartphones, will reach 26 billion units, empowering a market worth of $3 trillion. By 2025, the total global worth of IoT technology could be as much as $6.2 trillion – most from devices in health care ($2.5 trillion) and manufacturing ($2.3 trillion). Another analysis estimates that blockchain will add $3.1 trillion in business value by 2030.

By | 2018-04-02T18:17:52+00:00 April 2nd, 2018|Categories: blockchain, fintech, internet of things|Tags: , , , |Comments Off on Blockchain boosting speed, trust and security of existing supply chains and for more complex IoT world

About the Author:

Brian Wang, MBA and BSc, is a business oriented futurist, speaker and author of emerging and disruptive technologies. Sole author and writer of nextbigfuture.com, a science focused news site that covers disruptive technologies and trends globally in industries including Medicine, Technology, Science, Artificial Intelligence, Robotics, Biotechnology, Nanotechnology, etc. Nextbigfuture is Ranked #1 “Science News Blog” worldwide by Alexa, an Amazon company. Website traffic: 2M page views per month and 4M unique readers annually. Lecturer at Singularity University - provided 4 annual reviews of developments in nanotechnology. Sought after speaker at TEDx (lecture on Energy), University of Toronto (futurism) and Transhuman Visions. Contributor on 10-year plan for the Institute for the Future.