The growing demand for transparent transactions in the retail industry to build trust between suppliers, companies, and customers represents one of the key factors driving the market. In addition, it streamlines administrative processes in the back offices of retailers, thereby allowing employees to focus more on value-added work. It enables decentralized identity (DID), which helps retailers verify user identity and data when required. It assists businesses in tracking the product back to the supply chain, identifying suppliers, manufacturers, and batches to solve supply chain issues. It is a cost-effective solution as it automates the transactions and the interoperability of applications and eliminates the need for administration. These insights are included in the report as a major market contributor.īlockchain in retail refers to a disruptive technology that relies on cryptography to record digital transactions on a distributed ledger in the retail industry. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. Looking forward, the publisher expects the market to reach a value of US$ 3,731.75 Million by 2027, exhibiting a CAGR of 58.71% during 2021-2027. The global blockchain in retail market reached a value of US$ 233.5 Million in 2021. 2, 2023 /PRNewswire/ - The “Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ’s offering.
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