Global Blockchain Technology Market Forecast in the Agriculture Sector
The Global Blockchain Technology Market in the Agriculture Sector 2018-2022 report that has been added to ResearchAndMarkets.com‘s offering, shows that the Global Blockchain Technology Market in the Agriculture Sector is set to grow at a CAGR of 56.4% during the period 2018-2022.
Blockchain technology is a digital and decentralized record keeping system that can handle data and contracts. In the agriculture sector, farmers can use blockchain technology to track the logistics of crops, thereby establishing a direct link with customers.
The report covers the present scenario and the growth prospects of the blockchain technology market in the agricultural sector. To calculate the market size, the report considers the revenue generated from the retail sales of public blockchain technology, private blockchain technology, and consortium blockchain technology across the globe. The report also includes a discussion of the key vendors operating in this market.
One trend affecting this market is the rising adoption of IoT. Some of the key vendors offering blockchain technology are focusing on developing the technology with IoT platforms to ensure added benefits to the end-users.
One driver influencing this market are the government initiatives to develop blockchain technologies. Globally, several government agencies are focusing on supporting the implementation of blockchain technologies for the growth of the agriculture sector.
In addition, one challenge affecting this market are the security concerns with blockchain technology in agriculture. Blockchain technologies offer increased control of transactions for farmers and other end-users in the agriculture supply chain. However, rising concerns about security associated with blockchain technologies are expected to affect the potential growth of the market.
Key vendors include IBM, Microsoft, Ripe Technology and AgriLedger amongst others.