While the COVID-19 pandemic lasts, demeaning businesses around the world, UK-based versatile private research company Data Bridge published a report on the role of blockchain in agriculture and food supply chain market as well as key players of the idea.
Titled Blockchain in Agriculture and Food Supply Chain Market, the research clarified that blockchain technology is greatly transforming the market and driving growth, hence identifying that based on the previous forecast, the market is expected to surge from $58.4 million in 2018 to a projected value of $1375.3 million by 2026.
Highlighting VeChain Foundation, Microsoft, IBM Corporation and some others as key players in the introduction of blockchain into agriculture and supply chain, the research mentioned that the need for blockchain became necessary due to transparency issues, vulnerability to attacks as well as lack of digital connection in developing countries.
Other key players listed in the report include Project Provenance Ltd., Ripe Technology INC, Ambrosus, Chainvine Limited, arc-net, SAP SE, OriginTrail, and Full Profile.
The report also deciphered the Compound Annual Growth Rate (CAGR) value of the market, projecting that blockchain would help present a CAGR of 48.4% between the period of 2019-2026.
Dated April 17, Data Bridge designed the report is to help businesses identify their challenges, understand the benefit of blockchain in the supply market, and know-how to proffer solutions to the problems.
“Wide-ranging market information of Blockchain in Agriculture and Food Supply Chain Market report is sure to grow your business and improve your return on investment (ROI)”.
For quite some time now, VeChain has been building strong footing in the supply chain sector with numerous solutions to ensure optimum transparency.
Lately, VeChain partnered fashion brand H&M to offer the latter its throughput supply chain traceability technology so that customers can trace product’s data effectively.
Also, it was reported yesterday that IBM has now developed a blockchain-based solution to assist government and health sectors in their fight against the COVID-19 pandemic.
The innovation, IBM Rapid Supplier Connect, tracks suppliers of medical equipment and other materials to mitigate the problem of shortage in supply.