The trend of Blockchains includes the development, implementation, use, and management of decentralized, digitally recorded ledgers that are distributed across networks. By incorporating immutable and serialized recording, blockchain technology acts as a single source of truth for its users.
Blockchain technology came to public attention with news headlines capturing the meteoric rises and crashes of cryptocurrencies. In the background, however, particularly during the COVID-19 pandemic, logistics leaders in several industries sought applicable use cases for this technology in their supply chains; some organizations, including DHL, pre-emptively launched their own digital ledgers. Looking back, the blockchain technology market grew from 2015 to 2022 with a 65% global CAGR to a value of 7.3 billion USD. From 2022, the market is anticipated to boom with an 86% global CAGR to a value of 1.4 trillion USD in 2030 as more businesses accept blockchains in their operations. This increase in participant numbers will have an amplified network effect, boosting the supply chain value and benefits of this Blockchains trend.
Blockchain technology exists today and is applicable to many segments along a supply chain, although not necessarily at the same degree. To maximize the benefit and utility of blockchain, however, companies need various methods of detection, including many sensors, at almost every segment. This requires coordination and collaboration among many players in the typically disjointed logistics ecosystem. Therefore, the small blockchain implementations of today are likely to need several more years before they mature to meaningful, comprehensive integration within the end-to-end supply chain.