Report: Blockchain retail market compound annual growth rate of over 65%

ResearchAndMarkets recently released a report stating that the retail market blockchain is expected to have a compound annual growth rate of over 65% during the forecast period. The retailer's blockchain application is performed on licensed ledgers that are controlled by some participants or miners to enhance security and traceability. The market is expected to grow as several IT vendors and start-ups launch promising pilot projects. For example, Nestle, the food retail giant, announced in July 2019 that it will pilot open blockchain technology to track its products throughout the supply chain; Wal-Mart is testing blockchain applications to provide its food. Traceability and increase transparency, efficiency and safety. Blockchain technology supports retail and e-commerce by providing greater security, visibility, and enhanced supply chain transparency. To enhance business models and store fulfillment, many retailers are adopting blockchain technology and attempting to integrate cryptocurrencies into their operations. Japanese online retailer Rakuten accepts bitcoin payments and plans to launch Rakuten Coin to support the company's membership services.