New York, NY, November 27, 2018 (GLOBE NEWSWIRE) – Zion Market Research has published a new report titled "Blockchain in Retail Market 2017 – 2024'' According to the report, global demand for blockchain in the retail market was valued at USD 49 million in 2017 and is expected to reach USD 3,704 million by 2024, with a CAGR of 85.4% between 2018 and 2024.
Blockchain is a type of registry used to maintain a transactional data record. It is a decentralized computer-managed database in a peer-to-peer network. Each computer on the network has a copy of the ledger and is regularly updated to eliminate errors and track transactions. Blockchain allows retailers to track and authenticate products, detect fraud, reduce costs due to automation, record contracts and transactions.
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The increasing acceptance of the blockchain for payments in the retail sector is able to collect demand during the expected time period. Many dealers and their suppliers have chosen to use blockchain to simplify transactional processes and reduce additional expenses. UMT AG, the financial services company based in Germany, has entered into an agreement with the blockchain specialist Coinsilium to explore the use of blockchain technology in its retailer service areas for B2C payments. In addition, online retailers, such as Etsy, have accepted the use of bitcoins for payments. These transitions are expected to fuel the blockchain in the growth of the retail market during scheduled times.
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It is expected that the use of blockchains for loyalty and premiums in the retail sector will result in blocking the blockchain in the retail market during the scheduled timeframe. UMT AG is collaborating with resellers for payback loyalty schemes via blockchain. Also, in 2018, the Japanese online retailer Rakuten, Inc. announced a loyalty program based on the blockchain, in which award points will be offered in the form of a currency alt – "Rakuten Coin". The company has moved $ 9 billion of super-existing points into the blockchain to increase the "Rakuten currency". Fraud detection is one of the main applications that are driving blockchain growth in the retail market. Alibaba announced the use of blockchain technology in the fight against the occurrence of fraud in the food industry. The organization is working with companies from Australia and New Zealand to use blockchain solutions.
Blockchain in the 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 expected time period, due to the growing demand for blockchain in retail activities in the Asia-Pacific region. For application, the blockchain in the retail market is classified in the supply chain and in the management of inventory, payments and accounting, loyalty and rewards, advertising and consumer data, fraud detection and more. It is expected that the payments and accounting segment will grow at a considerable pace during the estimated time period, due to the increasing investments made by various institutions to develop blockchain solutions.
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It is likely that North America will capture a significant portion of the blockchain in the retail market share by 2024, due to the presence of important market players, such as IBM Corporation, Microsoft Corporation and Oracle Corporation, among others. The Middle East and Africa are expected to experience significant growth in the blockchain in the retail market and are expected to experience tremendous demand during the expected timeframe. Technological innovations, such as virtual shopping and 3D sound environments, are leading the retail sector in this region.
Leading global blockchain players in the 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.
The report segments global blockchain in the retail market as follows:
Blockchain in the retail market: Product Segment analysis
Blockchain in the retail market: Application Segment analysis
- Supply Chain and inventory management
- Payments and accounting
- Loyalty and awards
- Advertising and consumer data
- Interception of fraud
Blockchain in the retail market: Analysis of the regional segment
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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