INSOFE is a world-class research, consulting, data science certification training institution with a focus on baking Data Science ways of solving problems in many domains like healthcare, supply chain, financial markets, and robotics.INSOFE was launched in 2011 with an aim to transform the applied engineering education space in India with current focus area as Big Data Analytics / Data Science with offices in Hyderabad and Bengaluru.
Blockchain is undoubtedly one of the common topics that pops up in every technology article and has taken the world by storm.
One of the major advantages related to blockchain is that it saves data on various servers without letting anyone view entries made by anyone else present in the same network.
Triggered by the success story of bitcoin, several companies launched their own cryptocurrencies which include Ethereum, Litecoin, etc.
Non-Financial), By Enterprise (Large Vs. Small), By End User (BFSI, Corporate, Government, and Others), Competition Forecast & Opportunities, 2012 – 2022”, the global blockchain market is forecast to grow at a robust CAGR of more than 43% to reach $ 4.2 billion by 2022, on account of growing awareness about the blockchain solutions among the fortune 500 companies coupled with rapidly increasing FinTech spending across the globe.
With a surging number of multinational financial institutions across the world adopting blockchain technology, the global blockchain market is on a strong upswing.
Blockchain technology helps in resolving challenges associated with transaction speed, verification process and data limitations and enables disintermediation & trustless exchange, enabling two parties to make an exchange without the oversight or intermediation of the third party, thereby strongly reducing, or rather, eliminating the counterparty risk.
According to TechSci Research report “Global Blockchain Market By Type (Private, Public, & Hybrid), By Application (Financial Vs. Non-Financial), By Enterprise (Large Vs. Small), By End User (BFSI, Corporate, Government, and Others), Competition Forecast & Opportunities, 2012 – 2022”, the global blockchain market is forecast to grow at a robust CAGR of more than 43% to reach $ 4.2 billion by 2022, on account of growing awareness about the blockchain solutions among the fortune 500 companies coupled with rapidly increasing FinTech spending across the globe.
Understanding Supply Chain Management
Supply chain management includes planning, controlling, and execution of management activities from strategic sourcing of raw materials to other stages such as procurement, distribution, etc., in a cost-effective manner. The major thing in the management process is smooth information flow, finance flow and product flow. Accomplishing coordination among various channel partners including third party service providers, suppliers, customers and intermediaries for increasing competitiveness and customer satisfaction is the primary goal in the chain. Proper management of supply chain makes the operations more lean and agile, which helps to increase sales, reduce operational cost, decrease frauds and improve the overall quality.
According to another TechSci Research report “Global Blockchain Supplychain Market By Type (Public Blockchain, Private Blockchain & Consortium Blockchain), By Provider (Application & Solution Provider, Middleware Provider and Infrastructure & Protocols Provider), By Application, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, the global blockchain supply chain market is expected to grow at staggering CAGR of over 80% on account of increasing implementation of blockchain in supply chain for enhancing transparency and accuracy in the system and allow tracking of orders at any given time without alteration in information.
