The use of blockchain technology in various sectors is catering to new hopes for the future aspects and growth. A report from ReportLinker, a renowned technology research company, shows that there are high hopes for blockchain technology in the manufacturing sector in the U.S. as the expected growth may spike from 2020-2025.
The research states that the blockchain in the manufacturing market is expected to be worth $30 million by 2020 and grow at a compound annual growth rate of 80 per cent to $566 million by 2025. The report was based on the blockchain usage by application, end use, and territory. The research investigated the blockchain in the manufacturing market based on energy and power usage, industrial, automotive, textile and clothing, food and beverages and other sectors.
With the help of blockchain, manufacturing industries can bring a new era for sourcing, designing and building physical goods, and marking a new phase of peer production. Together with other new technologies such as three-dimensional printing, manufacturing will move closer to the user, bringing new life to mass customisation. With the correct implementation of the technology storing information about any substance on the blockchain may, in turn, open up the limits of corporate manufacturing.
The growth of blockchain-as-a-service (BaaS) solution for businesses has been one of the driving force of development and significant increases in venture capital investment, and Initial Coin Offerings (ICO) has also proved to be an essential factor.
The report also shows the concern of holding the growth of blockchain in manufacturing market and have claimed that an uncertain regulation and lack of the uniform set of standards could be the reasons for that.
From the reports of research by MAPI foundations, which is responsible for conducting research and recommending policies regarding the conditions of the American manufacturing sector, states that the manufacturing output has been reduced to about 4.7 per cent lower than in December 2007. Despite this, the MAPI forecasts that the U.S. manufacturing sector will regain all lost output by April 2019. The foundation reflected an average growth rate of 2.8 per cent for U.S. manufacturing from 2018-2021.