Tech 4 October 2018Paul How
Report: Blockchain in manufacturing to be $566M market by 2025
In just seven years, the market for blockchain in manufacturing could grow to over half a billion dollars, according to French technology research company ReportLinker.
A compound annual growth rate of 80% is foreseen from 2020, when the market is anticipated to be worth $30 million, to 2025, when it increases to $566.2 million.
Among the factors that would drive the popularity of blockchain in the manufacturing market are: increased use of blockchain-as-a-service solutions for companies; its capacity to simplify business processes and provide transparent and immutable records; growth in venture capital investments and initial coin offerings (ICOs); a greater emphasis on energy efficiency and cost of production; and more blockchain-related patent filings.
However, the research company warned that uncertainty of regulation and the lack of universal standards were limiting the sector’s growth.
The study pointed to China, India, Australia and Singapore as countries were the number of startups using blockchain has been increasing significantly. On China, ReportLinker said, “the government is working toward implementing the ‘Made in China 2025’ strategy, to seek innovation-driven developments, apply smart technologies, strengthen foundations, pursue green development, and redouble its efforts to transform China’s manufacturing model from quantity centric to being quality centric.”
On India, the report said, “With a rising interest of the government, technology giants, and domestic startups on multiple platforms, the area is anticipated to witness an exponential adoption of the blockchain technology.”
The company noted how in Australia, “The APAC Blockchain Conference was formed by 420 participants from diverse industry verticals and Australian Digital Commerce Association to explore blockchain in depth.” And for Singapore, where manufacturing accounts for about one-fifth of GDP, firms “are working toward achieving Sector 4.0, integrating autonomous robots, big data and analytics, blockchain, augmented reality, additive manufacturing, IIoT [Industrial Internet of Things], horizontal and vertical systems integration, simulation, cloud, and cybersecurity.”
The report also explored the various uses of blockchain, such as for the automotive industry, where the technology is seen as a factor in “speeding self-driving car development,” as well as the energy, pharmaceutical, food and beverage, aerospace and defense, and industrial sectors.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Tech 18 April 2019
Pakistan eyes blockchain for digitalization of government processes
A meeting chaired by Pakistan Prime Minister Imran Khan discussed ways in which technologies such as blockchain could be used to ensure efficiency of government processes.
Tech 18 April 2019
Accenture, Generali taps blockchain for employee benefits
Global management consulting firm Accenture has teamed up with Generali Employee Benefits to develop what they referred to as a unique employee benefits system powered by blockchain.
Tech 17 April 2019
Bitcoin SV and the roadmap to Genesis
Coming soon will be a network upgrade called Quasar, which is currently scheduled for July 24 and centers on increased scaling capabilities.