Blockchain in Retail Market - Global Industry Analysis

Blockchain in Retail Market

Global Blockchain in Retail Market Size & Share 2017 Report: By Type, Technology, Trends, Applications, Analysis and Forecast to 2024

Category: Technology & Media Report Format : PDF Pages: 130 Report Code: ZMR-3552 Published Date: Nov-2018 Status : Published

Table Of Content

Methodology

Free Analysis

The blockchain is a ledger type used for maintaining a record of transactional data. It is a decentralized database managed by computers in a peer-to-peer network. Each computer in the network has a ledger copy and is regularly updated to eliminate errors and track transactions. Blockchain facilitates retailers to track and authenticate products, detect fraud, reduce cost due to automation, record contracts, and transactions.

Rising demand for supply chain and inventory management solutions is likely to primarily drive the blockchain in the retail market during the forecast time period. Certain key benefits of blockchain technology in supply chain and inventory management are the fast identification of products, reduced delays of paperwork, minimized courier cost, and prevention of frauds and errors. Several international retailers, such as Walmart, Amazon, and eBay, have opted blockchain for inventory management solutions. In 2018, Walmart announced that it will be using blockchain technology to keep a track of each vegetable spinach bag and head of lettuce. The blockchain solution used by Walmart is developed by IBM Corporation.

Blockchain-in-Retail-Market

In 2017, Walmart patented a system that uses blockchain technology to track packages, delivered by drones. Furthermore, in 2016, Overstock.com, Inc. an American online retail company used blockchain to sell and distribute more than 126,000 shares of the company. However, the lack of clear understanding among retailers about the blockchain advantages has an adverse effect on the blockchain in retail market growth. Measures such as training, hiring new workers, acquisitions, and investments in startups are taken up by retailers to bridge this gap.

Blockchain in retail market is segmented on the basis of the product as public, private, and hybrid. The hybrid segment is likely to hold a significant share during the forecast time period, owing to the increasing demand of blockchain in retail activities across the Asia Pacific region. By application, the blockchain in the retail market is classified into supply chain and inventory management, payments and accounting, loyalty and rewards, advertising and consumer data, fraud detection, and others. The payments and accounting segment is projected to grow at a substantial rate during the estimated timeframe, due to rising investments made by various institutes to develop blockchain solutions.

Asia Pacific is likely to depict considerable growth in the global blockchain in retail market during the forecast time period. China is anticipated to have the highest demand for blockchain solutions in the retail sector. Rising digitalization and adoption of online payment is projected to boost the blockchain in retail market growth in this region. Europe is likely to maintain its share in the blockchain in retail market between 2018 and 2024, due to its ever-increasing and well-established retail sector.

Prominent players of the global blockchain in retail market are Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Amazon Web Services, Inc., Coinbase, BitPay, BTL Group Ltd., Earthport PLC, and BitFury Group Limited.

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