An analysis of blockchain retail value has revealed that the market value of blockchain is projected to be 29 times higher in 2023 compared to 2018, increasing from $80 million to more than $2.3 billion, according to a report on PRWeb released on November 28th, 2018.
MarketsandMarkets had earlier published the projected figure of $2.3 billion, which was calculated at a compound annual growth rate of 96.4% in a market research report in June 2018.
Monica Eaton-Cardone, Co-Founder and Chief Information Officer (CIO) of Global Risk Technologies, a provider of innovative chargeback remediation solutions, and Chief Operating Officer (COO) of Chargebacks911, a firm dealing in chargeback remediation, studied the applications that will expedite the use of blockchain in business operations and analyzed the distributed ledger technologies (DLT) in retail companies.
Eaton-Cardone, who specializes in fraud prevention, risk management, and other areas of fintech, also looked into issues delaying the use of blockchain in businesses across the industry during the past period.
Regarding the report, Eaton-Cardone unveiled insights into five major retail applications: inventory management, authenticity verification, auto-renewal and subscription services, supply chain management, and customer data and loyalty programs.
In supply chain management, a food blockchain program, such as the partnership between IBM and Walmart to carry out a food traceability program, revealed that blockchain can help companies seek out food sources and origin of produce in a mere 2.2 seconds. Legacy systems typically used to perform the same task may take up to a week.
Moreover, Eaton-Cardone said that for industries worldwide to fully adopt blockchain in the near future, many problems arising from legal and regulatory frameworks must be addressed, including those to be issued or already in place, as well as data privacy issues. However, the future is positive, as major companies from Amazon, Walmart, Carrefour, and De Beers are indicating interest in the technology.
Meanwhile, retail giant Amazon recently announced the launch of two new Amazon products related to blockchain: Amazon Managed Blockchain and Amazon Quantum Ledger Database (QLDB).
Additionally, an article on Cointelegraph in late 2018 reported that many industries were witnessing an increase in blockchain-related activities over the past two years, which would allow enterprises to be more transparent and to lessen their dependence on central entities in data processing. The analysis also explored the rate of blockchain adoption as well as predictions for industries such as energy, insurance, finance, manufacturing, and retail.
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