Nodalblock reappears among the world’s leading blockchain technology providers, according to an international study by MarketsandMarkets . Specifically, the report on the application of blockchain technology in the “Supply Chain” market ensures that this sector will grow 87% annually, going from moving $145 million in 2018 to $3.3146 billion in 2023.
This growth will be motivated by the need for transparency in the supply chain, as well as by the increase of its transactions. In the same way, growth in the use of smart contracts in this market is expected.
Thanks to the blockchain and intelligent contracts in the supply management chain, the need for intermediaries can be eliminated. In this way, manufacturers, suppliers and customers will establish, with greater ease, a relationship of trust, speeding up the complex operations in the “supply chain” sector. With smart contracts, the availability of solutions will increase to overcome certain limitations in terms of privacy, scalability, confidentiality, performance and auditing.
It is expected that North America will be the largest market. The region is considered the most advanced in terms of technology and infrastructure. Companies in sectors such as consumer goods, manufacturing, retail, healthcare and logistics are the main customers in this sector. Nodalblock will also be able to benefit from the potential of the North American continent given that, next September, it will go public in Canada, having a more direct access to the market and a direct door to the US.
On the other hand, APAC countries, such as China, India, Singapore and Japan, are those that expect to have greater growth during the period of analysis.