The global blockchain technology market size is expected to reach USD 400 billion by 2028. It is projected to expand at a CAGR of 82.4% from 2021 to 2028. The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth. Retail stores are increasingly adopting blockchain technology for seamlessly handling business relations and supply chains. The COVID-19 pandemic is anticipated to impact market growth favourably in the near future. Various industries used blockchain technology for improving the supply chain during the COVID-19 pandemic as blockchain technology has the capability of overcoming the challenges faced by the traditional supply chain, such as inefficiency and high cost.
Sven Franssen