In 2030, the blockchain will bring in $766.2 million revenue to the manufacturing market. according Verified Market Research
This sector has a market worth $40 million in 2021. It is expected to experience a compound annual rate of growth (CAGR) between 2022-2030.
The following announcement was made:
“Increasing worldwide energy demand motivates energy and power firms to explore blockchain solutions that can help them improve productivity while reducing maintenance and downtime.”
This industry is expected to be driven by demand from the energy, electric, and industrial sectors. The report also included:
“The global blockchain in manufacturing market is expected to increase due to the incorruptible nature of the blockchain, as well as the expanding number of applications that use it.”
Other important drivers include the increasing use of blockchain technology in supply chains management and retail.
This market is seeing some significant developments, including the use of the IBM Blockchain Transparent Supply platform (BTS), which allows you to track every step in the fabric manufacturing process.
Blockchain in the manufacturing market can be classified by application into various fields such as counterfeit management and predictive maintenance, business process optimization and quality control and compliance, asset tracking and management, and quality control and compliance.
Research and Markets recently reported that the global market for blockchain distributed ledgers is expected to reach $20.6 billion in 2027 due to rapid digitization.
Blockchain distributed ledgers are decentralized databases that store transactions and resources over a peer-to–peer network. Furthermore, Cryptography It is used to protect data.