Blockchain to transform retail with asset tracking revenues reaching $4.5bn by 2023
New research by Juniper Research found that annual revenues from blockchain retail asset tracking will leap to $4.5 billion (€3.9 billion) by 2023. While anything from gemstones to cars and healthcare can be tracked on blockchain, retail is a hotbed for the technology. Blockchain’s versatility offers retailers transparency in the supply chain, customer loyalty management and operational efficiencies, among other benefits; leading to faster adoption than in other sectors.
Juniper’s new research, Blockchain for Land Registry & Asset Tracking: Opportunities, Challenges & Forecasts 2019-2030, argues that retailers can opt for different deployment approaches. It pointed out that some retailers (such as Alibaba or JD.com) are launching their own BaaS (Blockchain-as-a-Service) platforms, while others (including Walmart) have opted to partner with specialist providers. Juniper forecasts that the number of retailers using blockchain in the US alone will grow by over 7,500% between 2018 and 2023 to reach nearly 15,000 by the end of 2023.
Leading asset tracking vendors
Juniper assessed 17 blockchain vendors, scoring their level of agility, presence and innovation, on the complexity of their blockchain solutions and prospects in the field. It ranked the 5 leading vendors in the space as follows:
- Digital Asset
- Applied Blockchain
The research stated that IBM has established itself as the leading provider of blockchain technology; combining agnostic blockchain solutions, extensive commercial deployments and high-profile partnerships. Meanwhile, Digital Asset has built a solid customer base for which it develops tailored real-world blockchain application solutions, especially in tracking and settling financial assets.
Spending for blockchain land registry gains momentum
Juniper forecasts that countries will spend over $72 million (€63.6 million) on blockchain for land registry by 2023. Over $38 million (€33.5 million) is expected to be spent by European registries by that time; Sweden’s Lantmäteriet and HM Land Registry in the UK have already invested significantly in trial solutions.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.