Blockchain asset tracking revenues to surge

Blockchain has strong potential in the retail asset tracking sector, with global revenues on track to surge to US$4.5 billion ($6.33 billion) by 2023, according to Juniper Research.

Revenues from the segment are on track to grow at an annual rate of 139% between 2019 and 2023 as the number of retailers using blockchain for asset tracking explodes.

In the US alone, Juniper Research predicts that the number of retailers using blockchain will grow by over 7500% to reach 15,000 by the end of 2023.

Retailers are taking a number of different deployment approaches, with major retail platforms such as China's Alibaba and JD.com launching their own blockchain-as-a-service platforms, and others opting to partner with specialist blockchain providers.

Meanwhile, IBM has established an early lead in the blockchain asset tracking vendor market, followed by Digital Asset, NEM, Applied Blockchain and R3.

The vendors and 12 others were ranked based on their level of agility, presence and innovation, as well as on the quality of their blockchain applications and their prospects in the market.

Another emerging application for blockchain is its use in the land registry ecosystem. Juniper Research is predicting that countries will spend over $72 million adopting blockchain for land registry by 2023, with $38 million of this spending originating from Europe.

Image credit: ©stock.adobe.com/au/kugelwolf

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