An analysis published on PRWeb shows that the retail value of blockchain is set to jump 29 times in the next five years, reaching an astounding USD 2.3 billion in 2023. The analysis comes from fintech executive Monica Eaton-Cardone, who used a market research report published by MarketsandMarkets in June.
Eaton-Cardone concentrated on five different types of applications of blockchain technology that made the bulk of industries the technology was being used in for her research. The applications she looked at were inventory management, authenticity verification, supply chain management, customer data and loyalty, and subscription model services.
She projected the immense growth from today’s USD 80 million to USD 2.3 billion by basing on the fact blockchain retail industry is growing at a compound rate of 96.4% annually.
Although a lot of challenges are still to be overcome, Eaton-Cardone noted that major industry players, such as IBM, Walmart, De Beers and Amazon, had started to use the technology to improve their systems and that their involvement shows that blockchain and other decentralized technologies will grow.
Walmart and IBM are the biggest players, with the partnership using blockchain for food traceability. Their system allows tracing of a food produce down to the farm it was grown on in mere seconds. Compared to that, the current system employed takes weeks and still has accuracy issues. Amazon has also just launched two products that are powered by blockchain technology, called Amazon Managed Blockchain and Amazon Quantum Ledger Database.
Eaton-Cardone is Chief Information Officer and co-founder of Global Risk Technologies, a fintech firm that concentrates on risk reduction in the payment industry at large. She also works as the Chief Operating Officer at a chargeback redemption company called Chargebacks911.
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