The volume of the global automotive blockchain market is set to reach $1.6 billion by 2026. This estimation comes from a PR Newswire article published August 21, citing a report by Business Intelligence and Strategy Research (BIS Research).
The BIS Research report forecasts that during the period from 2018 to 2026, the automotive blockchain market will grow at a Compound Annual Growth Rate (CAGR) of 65.80%, reaching $1,575 million by 2026.
The projected “robust growth” of the automotive blockchain market is due to the rise of the popularity of the distributed ledger technology (DLT) and “the myriad number of benefits associated with the blockchain technology,” the report says.
Among these advantages are the exchange of data, transparency, reliability & security, and immutability. All these have made blockchain tech a top contender to disrupt the automotive supply chain, the report states. It continues:
“By augmenting distributed ledger technology with automation, a plethora of application cases can be realized whose impact spans over the whole supply-chain. The immense application potential of this technology opens up plenty of opportunities which can transform products, services, and processes across the automotive industry.”
Back in July, the scientific research institute under China’s Ministry of Industry and Information Technology (MIIT) in collaboration with Internet service provider Tencent Holdings released a report on the possible blockchain applications in the financial sector and how the technology has transformed the traditional financial services.
Earlier this month, Tezos Foundation announced that it had issued financial grants for blockchain tech and smart contracts development to four research institutions: Cornell University, the University of Beira Interior, the University of Illinois at Urbana-Champaign, and France-IOI, as Cointelegraph reported August 10.