Summary of Market and Adoption of Tokenization & Blockchain
Growth of the Tech Sector
The tech sector is growing twice as fast as the global economy and will constitute about 8% of global GDP within 15 years, currently up from 4.5% today and 2% in 1992 (New Directions for Government in the Second Era of the Digital Age). Many organizations who have traditionally operated outside of the tech sector have an opportunity to participate in some of this growth.
Blockchain Market
The blockchain market value was $4.9 billion in 2021 and projected to reach $67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period (Markets and Market).
Supply Chain and Industry 4.0
The global market for Industry 4.0 estimated at US$90.6 Billion in the year 2020, is projected to reach a revised size of US$219.8 Billion by 2026, growing at a CAGR of 16.5% over the analysis period (Business Wire).
Companies such as FedEx, DHL, Maersk, Walmart, and Bayer with a combined revenue of $684.5B are already in the process of implementing blockchain solutions with recent estimates that they will save 0.8% annually on supply chain alone.
$14.4 Trillion in economic benefits that Cisco estimates will be realized from the IoT in the next decade, $2.7 trillion in value can be gained from elimination of waste and improved processes in supply chains and logistics.
Authenticity and Forgery
A significant opportunity also exists to reduce the roughly $98 billion worth of sales luxury brands lose to counterfeits.
Transparency and Sustainability
Blockchain technology can be used to capture how a product is produced and its level of sustainability in a trustworthy transparent manner can increase market share. Nielsen reports that 66% of global consumers and 73% of millennials are willing to pay more for sustainable goods. The average transparency score amongst the top 200 most prominent fashion brands and retailers is just 21%.
Adoption by Use-Case
Additional Reading
Articles Available Online
Deloitte: Global perspectives on blockchain adoption by industry: The future is now
McKinsey: Industry 4.0 adoption with the right focus
Business Wire: Industry 4.0 Global Market Report 2022: Evolution of IoT Drives Robust Innovation in HMI Technology
Blockchain Research Institute: New Directions for Government in the Second Era of the Digital Age
Global Newswire: Global Blockchain Supply Chain Market Report to 2027 - Extensive Adoption of Blockchain Technology in Retail Supply Chain Management is Driving Growth
Frontiers: An Analysis of Blockchain Adoption in Supply Chains Between 2010 and 2020
Frontiers: Ecosystem Readiness: Blockchain Adoption is Driven Externally
Markets and Markets: Blockchain Market by Components, Provider, Type, Organization Size, Application Area, and Region
Forbes: Blockchain 50
Transparency Market Research: Industrial Blockchain Technology Market
Appinventiv: Enterprise Blockchain: The Monumental Shift From When to Why is Here
Dinsmore: Ohio’s First Step Towards Blockchain Adoptions
Fashion Network: Luxury: Significant potential for acceleration in technology
IEEE Access: Blockchain and smart contracts for the Internet of Things
IEEE Access: Decentralizing Privacy: Using Blockchain to protect personal data
IEEE Access: Hawk: The blockchain model of cryptography and privacy-preserving smart contracts
IEEE Access: Bitcoin and beyond: A technical survey on decentralized digital currencies
Cornell University: Majority is not enough: Bitcoin mining is vulnerable
Plos One: Where is current research on blockchain technology? A systematic review
IEEE Access: An ID-based linearly homomorphic signature scheme and its application in blockchain
Lecture Notes in Computer Science: BitIodine: Extracting intelligence from the bitcoin network
Harvard Business Review: The truth about blockchain
USENIX: Blockstack: A global naming and storage system secured by blockchains
ACM Conference: Making smart contracts smarter
IEEE Access: An overview of blockchain technology: architecture, consensus, and future trends
IEEE Access: Managing IoT devices using blockchain platform
Springer: The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication
Telematics and Informatics: The impact of internet of things implementation on firm performance
Sumatosoft: Impact of Internet of Things(IoT) on the Business & Economy – 2022 Trends
Books
Shermin Voshmgir: Token Economy: How the Web3 reinvents the Internet (Token Economy: How the Web3 reinvents the internet
Umit Hacioglu (Editor): Digital Business Strategies in Blockchain Ecosystems: Transformational Design and Future of Global Business (Contributions to Management Science)
Klaus Schwab: Fourth Industrial Revolution