Blockchain Category – Procurement Intelligence
SAN FRANCISCO, July 11, 2023 /PRNewswire/ — The blockchain category is anticipated to expand at a CAGR of 87.7% from 2023 to 2030. North America accounts for the largest share of the category. The increasing demand for digital processes in the business is boosting growth. Companies are focusing on adopting technology for smooth transaction processes and data transparency. For instance, in January 2022 Walmart used blockchain technology to improve its supply chain by tracing storage of goods within seconds using the technology.
DeFi is a financial system that is built on top of blockchain technology. It allows users to access financial services without the need for a central authority, such as a bank. DeFi is still in its early stages, but it has the potential to revolutionize the way individuals and/or businesses think about finance.
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Companies are continuously focusing on partnering or developing their own technology. For instance,
- IBM is supporting the transformation of money into a digital form known as Central Bank Digital Currency (CBDC). Central banks are encouraging the issuing of digital coins instead of printing money to increase digital transactions. This would result in a rise in contactless payment with improved settlement and transaction times and less complexity and risk. Businesses will have enhanced control over monetary policy transmission, with built-in programming. IBM estimates that in 2023, 87 countries have started exploring CBDCs and 9 out of those 87 countries have launched a state-owned digital currency.
- In February 2023, MakerDAO, a prominent decentralized finance (DeFi) platform, has effectively integrated Chainlink’s…