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A recent report by the technology research firm ReportLinker shows that blockchain technology in the US manufacturing sector is expected to increase significantly from 2020-2025.
During the preparation of the report, the authors divided the use of blockchains by application, end use and territory. The study then divided the blockchain into the manufacturing market based on end use in energy and power, industrial, automotive, pharmaceutical, aerospace and defense, food and beverage, textiles and clothing and other industries.
According to the research, the blockchain in the manufacturing market is expected to reach $ 30 million by 2020 and grow at a compound annual growth rate of 80% to $ 566 million by 2025. According to the report, blockchain will simplify business processes and ensure transparency and immutability, eliminating intermediaries in logistics and supply chains.
The authors cite several factors behind the growth, including the growth of blockchain-as-a-service (BaaS) solutions for businesses and significant increases in venture capital and Initial Coin Offerings (ICO) investments.
However, the report states that an uncertain regulatory landscape and the absence of a uniform set of standards are holding back blockchain growth in the manufacturing market.
The MAPI Foundation, which conducts research and makes recommendations on the conditions of the American manufacturing sector, reported in March that in January 2018 manufacturing output was 4.7% lower than in December 2007.
Despite the crisis after the 2008 recession, MAPI predicts that the US manufacturing sector will fully recover all lost production by April 2019. The foundation has forecast an average growth rate of 2.8% for production in the United States since 2018 to 2021.
In August, Cointelegraph reported that the 2018 blockchain survey by Deloitte revealed that technology is achieving significant executive traction of companies in various industries. 74% of respondents said that their executive team believes that there is a "convincing business case" for the use of blockchain technology, with 34% claiming that some forms of blockchain distribution were already under development. # Of internal organization.
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