Global blockchain revenues across all markets could reach US$10.6 billion by 2023, as more companies and institutions utilise it to solve complex issues, according to a study from ABI Research.
The technology is proving particularly popular with companies trying to solve problems endemic in the global supply chain, such as improving transparency and efficiency.
Successful pilots from global corporations in tracking and monitoring products throughout the supply chain have helped move blockchain away from its traditional FinTech.
Read more about what blockchain is and how it affects the supply chain with a Port Technology technical paper
Maersk, the world’s biggest container shipping line, announced in August 2018 that it would collaborate with IBM to launch a blockchain platform for the shipping industry.
In July 2018, Commonwealth Bank of Australia (CBA) worked together with 17 supply chain leaders, including Orient Overseas Container Line (OOCL), to track a shipment of almonds from Melbourne, Australia, to Hamburg, Germany.
According to ABI, blockchain is not just limited to global businesses and is becoming increasingly popular in the start-up sector, in particular North America, Europe and the Asia-Pacific region.
Michela Mentin, Research Director, ABI Research, commented: “The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries.
“Tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services.”