The market value of blockchain in global retail is expected to see a 29-fold increase in value over the next five years, according to an analysis of the factors underlying growth, published on PRWeb on 28 November.
The analysis on emerging blockchain applications that drive the expected increase – from $ 80 million today to over $ 2.3 billion by 2023 – was conducted by the fintech executive Monica Eaton-Cardone.
The figure of $ 2.3 billion by 2023 – with a compound annual growth rate of 96.4% – was taken from a market research report by MarketsandMarkets, published for the first time in June.
Eaton-Cardone is co-founder and Chief Information Officer (CIO) of Global Risk Technologies – a technology company focused on mitigating risk in the global payments industry – and Chief Operating Officer (COO) of Chargebacks911, a chargebacks.
In its analysis, Eaton-Cardone analyzes in detail the applications that could accelerate the commercial adoption of blockchain and other forms of generalized accounting (DLT) technologies in the retail sector.
It analyzes five major retail applications: supply chain management, inventory management, authenticity verification, automatic renewal and subscription services, customer data and loyalty programs. For supply chain management, for example, its analysis cites an important partnership between Walmart and IBM on a block food traceability initiative, which can be used to identify the origin of the product in just 2.2 seconds, rather than a week using legacy systems.
In order for the blockchain to be globally adopted on a global scale, Eaton-Cardone notes that several key issues still need to be addressed, such as data confidentiality and engagement with existing and emerging legal and regulatory frameworks. However, industry giants like Walmart, Carrefour, De Beers and Amazon all show encouraging signs of involvement, he notes.
As reported yesterday, Amazon has just announced the debut of two new blockchain-based products, Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
A Cointelegraph analysis this fall outlined the blockchain adoption rates and forecasts in all the major sectors, including retail, production, finance, energy and l & # 39; insurance.