Published by Uma Rajagopal
Posted on February 17, 2022
As factories and manufacturing units around the world are becoming increasingly interconnected and co-dependent, the relevance of blockchain technology for the same has soared. Increasing demand for energy globally has caused companies constituting the power and energy industries to rapidly embrace blockchain solutions in order to enhance processes and improve efficiency during production. This leads to an escalated expected growth rate for the blockchain market in the manufacturing industry. The market is expected to exhibit a formidable opportunity for vendors looking to enter the global blockchain in manufacturing market. The relevance of digital ledgers in manufacturing industry has grown in recent years. This trend primarily owes to the now liberal views of the manufacturing sector towards adopting cutting-edge technologies and solutions.
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Disruptive Technologies in Areas of Production Raise a Demand for Blockchain
The world of business and manufacturing is going through a huge transformation by integrating a combination of Operational Technology and Information Technology into all areas of processing and production. This, along with an increased Artificial Intelligence and Internet of Things to fulfill the demand for real-time data analysis, predictive maintenance, and transparency of business processes, has led to the large-scale adoption of blockchain technology by companies aiming to overpower their competitors and become leaders if their industries. On the other hand, as investors and profit seekers observe the advantages of an upcoming technology like blockchain, they haste at acquiring its financial benefits. Hence, they’re has been a notable upsurge in global blockchain-related patent filing. This has consequently led to a substantial rise in venture capital funding.
North America Serves as a Key Market Player
One segment of production that blockchain technology provides substantial benefits to is supply chain management, by offering users reliable data management and visualization capabilities. Consequently, this leads to an optimization of business processes through mechanisms that monitor, manage, and improve organizational workflows. Due to these and many more benefits of the same, a global demand for the market has emerged with almost an air of urgent need. The leading regional contributor toward the growth of the global blockchain in the manufacturing Market regionally, has been forecasted to be North America. Followed in close trail by APAC with its own substantial development in the department, and not too far from the sight of Europe. Several countries have developed a thorough mechanism to induct new technologies across leading industries. This factor is expected to make the way for the growth of the global blockchain in Manufacturing market in the times to follow.
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Leading Number of Patent Owners Identified as Competitors for Market
The key competitors in the field of blockchain are the E-commerce giant ALIBABA, IBM technology firm, Nchain Holding protocol builders, Chinese Technology Company Tencent, and Master Card Multi-national finance services. Other notable mentions in the department of competitors are individuals with the highest number of patents namely, Wright Craig Steven (an Australian Scientist), Savannah Stephance (IT Consultant), and many more. The relevance of blockchain technology in manufacturing is expected to increase as the latter shows greater dependency on next-generation technologies.
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