Grand View Research: Blockchain Tech Is Revolutionizing The Global Transportation Market
- Numerous studies have shown that blockchain tech is rapidly changing the face of the global supply chain industry.
- Blockchain not only helps in increasing the ‘data transparency quotient’ of various management systems but also improves their overall operational efficiency.
According to a press release issued by the folks over at Grand View Research recently, blockchain-based operational platforms are driving market growth within the global TMS sector.
To be a bit more specific, the aforementioned media release states that the Transportation Management System (TMS) sector is currently growing at a rapid pace thanks to the ongoing market boom — with the industry all set to scale up to the $200 Billion mark within the next 6-7 years (it is currently showcasing a compound annual growth rate of 16.2%.)
The technological drivers (in addition to blockchain) that experts claim are pushing this growth includes things like:
- Artificial Intelligence (AI)
- Cloud Administration Systems
- Internet of Things (IoT)
- Prediction analytics.
Additionally, it is believed that blockchain tech and AI have helped in addressing many of the automation needs that have traditionally been faced by companies involved with supply chain management and logistics.
Lastly, in closing out this piece, we need to talk about the World Bee Project — which is essentially a blockchain system designed to track the supply chain history of honey (from hive to store) as well as acquire niche information related to:
- Bee population decline and consignment movement and coordination.