How Distributed Ledger Technology Enhances Pharma Supply Chains
United States/WA: Global Distributed Ledger Technology Market Will Boom In Near Future
Report Pages:[130 Pages]
Competitive Landscape:
Major players operating in the global distributed ledger technology market include, IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Broadridge Financial Solutions, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture Plc, and Infosys Ltd.
Global Distributed Ledger Technology Market, by Component (Solution and Service), by Type (Private, Public and Hybrid), by Enterprise Size (Large Enterprises and Small & Medium Enterprises), by Application (Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance and Others), by End User (BFSI, Government & Public, Manufacturing, Retail & E-Commerce, Media & Entertainment, Transportation & Logistics, Healthcare, Energy & Utilities and Others), and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ XX million in 2021 and is expected to exhibit a CAGR of XX% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Distributed ledger is a technology where the transactions of assets are recorded digitally and therefore they are easier to track as well as update. The benefits of using this technology are several. First of all, it is less time-consuming than the traditional method of keeping an inventory of physical assets. This system also provides flexibility in the sense that you can add or remove parts of the network without affecting the other parts.
Key Market Drivers:
Increasing awareness regarding distributed ledger is expected to propel growth of the global distributed ledger technology market over the forecast period. For instance, in August 2021, SEBI, a market regulator in India, asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities.
Moreover, increasing adoption of distributed ledger is also expected to propel growth of the global distributed ledger technology market over the forecast period. For instance, in August 2021, Broadridge Financial Solutions, Inc. an international Fintech operation, announced that UBS, an investment banking company, officially joined its distributed ledger repo platform.
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Covid-19 Impact Analysis
In the U.S., from 3 January 2020 to 5:51pm CEST, 26 August 2021, there have been 37,969,371 confirmed cases of COVID-19 with 626,163 deaths, reported to WHO. As of 20 August 2021, a total of 361,192,198 vaccine doses have been administered. Decentralised public ledger system in distributed ledger technology can be used to verify authenticity of vaccine certificates, thus helping to curb the proliferation of fake ones. Distributed ledger technology can also help improve supply chains in the pharmaceutical sector.
Key Takeaways
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The distributed ledger technology market is expected to exhibit a CAGR of XX % over the forecast period, owing to increasing adoption of distributed ledger in various sectors. For instance, in April 2020, U.S.-based Dole Food Company, an agricultural multinational corporation, introduced a five-year plan to integrate distributed ledger technology for managing supply chain processes.
- Among regions, Europe is expected to witness significant growth in the distributed ledger technology market, owing to increasing funding for distributed ledger technology in the region. For instance, in March 2020, Billon Group, a startup developing distributed ledger technology to process national currency and business documents, raised over US$ 16 million.
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Europe is also expected to witness significant growth in the distributed ledger technology market, owing to initiatives to develop commercial applications on distributed ledger technology. For instance, in February 2020, IOTA Foundation, a non-profit foundation focused on distributed ledger technology, collaborated with the Eclipse Foundation, an open-source software foundation for commercial innovation and collaboration, to launch their Tangle EE Working Group to develop commercial applications on distributed ledger technology.
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