The IT ecosystem based on blockchain technology perfectly meets diverse requirements of disparate large transportation networks operated in different geographic, national, legal and technical domains. Blockchain, a distributed ledger technology, emerges as a lingua franca of transportation industry, as an efficient interoperability framework and record system of all transactions enabling multiple trading partners to collaborate within a single shared trust ecosystem without compromising details, privacy or confidentiality. It’s not by chance that blockchain technology has been selected by Maersk and IBM, two of the world’s largest companies in transportation and IT sectors, as a common platform for a joint venture promoting use of blockchain in global trade.
About $4 trillion in goods are shipped across the world annually, with 80 percent of the goods carried by the ocean shipping industry. The WTO (World Trade Organization) is forecasting that global trade will expand by 2-4% in 2019-2024. The emerging blockchain-in-transportation market will grow rapidly over the next five years, which gives IT vendors more opportunity than ever to play an important role in global supply chain.
The report provides detailed year-by-year forecasts for the following segments of blockchain-in-transportation market:
- By geography and transport modality;
- By technology components, products, service, hardware, software and middleware;
- By supply chain participants: manufacturers, shipping lines, freight forwarders, port and terminal operators and customs authorities
- By mission area: cross border payments, supply chains, tracking of goods, ownership transfer and digital identification
- By government-sponsored trust networks.