- A Data Bridge report cites the VeChain Foundation, Microsoft, IBM Corporation and SAP, among others, as the leading competitors in the blockchain sector for the agricultural and food supply chain.
- According to the analysis, the market has a massive growth potential, which will increase to USD 1.375 billion by 2026.
UK-based private research firm Data Bridge has published a report on the role of blockchain in the agricultural and food supply chain. In the report, Data Bridge highlights the most important players in this sector from their perspective. The market research report entitled “Blockchain in Agriculture and Food Supply Chain Market” includes an analysis of market size, drivers and constraints, a segment analysis, a geographical outlook and also examines the competitive landscape.
As a result, the report concludes that the VeChain Foundation, Microsoft, IBM Corporation, SAP and several others are among the leading key players in implementing the blockchain in agriculture and the supply chain. The report also lists Ambrosus, arc-net, OriginTrail, Ripe Technology INC, Project Provenance Ltd, Chainvine Limited and Full Profile. All companies operate in a market with massive growth potential, the report states.
Data Bridge expects that the widespread adoption of blockchain in the agricultural and food supply chain and the growing awareness of the benefits of blockchain will be key drivers of market growth. As a result, analysts expect the market to grow to a projected $1375.3 million in 2026 based on the previous forecast of $58.4 million in 2018.
However, the report also notes that blockchain solutions in the agricultural and food segment are highly fragmented, which is why the key players have used various strategies such as new product launches, expansions, alliances, joint ventures, partnerships and acquisitions to increase their presence in this market.
The report to be purchased from Data Bridge is designed to help companies identify their challenges, understand the benefits of blockchain in the procurement market and provide solutions to the problems.
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VeChain has its focus on China
For some time VeChain has been positioning itself first and foremost in China as a legally compliant blockchain solution for the supply chain. Thus, the VeChain Foundation has established a partnership with the Chinese General Council of Anhui Tea Industry Association. Within the scope of this partnership up to 670 Chinese companies from the tea industry could use the VeChain Thor blockchain.
Just recently it was revealed that VeChain has further expanded its cooperation with H&M. COS, a high-end label from H&M, uses DNV GL’s and VeChain’s My Story™ technology in China to provide full traceability of products worldwide, starting from the point of production and ending with the end user.