The global blockchain technology market is expected to grow rapidly until 2021, according to Beroe, a procurement intelligence firm. This development was reported on 19 September.
Beroe is a reputed provider of procurement intelligence and supplier compliance solutions. The firm provides critical market information and analysis. Such facilities enable companies to make smart sourcing decisions. This helps to lower costs, increase profits and reduce risk. Beroe noted that it has been providing these services for more than a decade. The firm currently works with more than 10,000 companies worldwide.
Beroe commenced by informing that blockchain is designed to be secure, reliable, transparent, and highly resistant to outages. The firm further added that decentralized technology is designed to be auditable, efficient, and helps decrease bureaucracy. Beroe sustained by adding that the blockchain market was estimated to reach a cap of 2.31 billion U.S. dollars in the next two years.
Beroe cited on the growing dominance of blockchain as –
“The blockchain technology market is driven by its applications in cryptocurrency, distributed cloud storage distributed asset ledger, decentralized notary, smart contracts, and decentralized exchanges. Major industries currently using blockchain technology include BFSI (Banking, financial services, and insurance), healthcare and pharmaceuticals, logistics, luxury goods, art and music, and voting.”
Beroe highlighted that the existing business models followed by industries were vastly different from the novel distributed ledger technology. The intelligence firm clarified that engaging with stakeholders like regulators, bureaucracies, lawyers, auditors, research organizations, suppliers and buyers is daunting. Beroe summarized that this serves as a challenge to the implementation of blockchain.
Beroe maintained on some key findings conveying that with blockchain technology, an agreement could be converted to a smart contract. Such a process would not require middlemen to get the contract terms evaluated. Beroe clarified that smart contracts are easy to program and replace paperwork with automated execution of the clauses.
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