Blockchain In Retail Market Goes High and may exceeds USD 2,082.8 Million By 2028 By CIOTechOutlook Team

Blockchain In Retail Market Goes High and may exceeds USD 2,082.8 Million By 2028

CIOTechOutlook Team | Tuesday, 19 September 2023, 11:26 IST

The global Blockchain in Retail Market Size was estimated at USD 126.8 Million in 2020 and is expected to expand at a CAGR of 42.8% from USD 172.2 Million in 2021 to USD 2,082.8 Million by 2028. The rising demand for the product from end-users such as retail, as well as the supply chain, is projected to help retailers navigate the demand for solutions.

Crunchcoins were created on the Ethereum network by Crunchfish. The crunchcoin aims to provide cryptocurrencies that may be used in physical retail.

The integration of blockchain technology in the retail sector offers numerous benefits such as secure, cost-effective, and swift payment processing through encoded distributed ledgers. This technology allows for real-time verification of transactions without the need for intermediaries like banks or clearinghouses. As digital payments continue to grow in the retail industry, there is an increasing demand for distributed ledger technology. The adoption of blockchain technology in retail is expected to enhance efficiency, traceability, safety, and transparency, as per Fortune Business Insights.

In 2020, North America had the largest blockchain retail market share. To maintain its place in the global market, the area has invested significantly in blockchain in retail services and technology. Companies in Europe are widely adopting the concept of blockchain technology due to the fact that the region is expected to grow at a rapid pace.

Dominant nations such as India, China, South Korea, and Japan are driving market expansion in Asia Pacific. The adoption of digital technologies, as well as government programs, is sustaining technology deployment throughout Latin America, the Middle East, and Africa.