How blockchain can improve the automotive, aerospace and aviation industry?

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Rising demand for better security and privacy and the need to reduce transaction costs are key factors driving the market revenue growth

VANCOUVER, BC, CANADA, March 31, 2022 /EINPresswire.com/ — Market Size – USD 491.2 million in 2020, Market Growth – at a CAGR of 66.5%, Market Trends – Growing Technology Adoption decentralized blockchain

The global automotive, aerospace and aviation blockchain market size reached USD 491.2 million in 2020 and is expected to register a revenue CAGR of 66.5% during the forecast period, according to the latest analysis from Emergen Research.

Rising demand for better security and privacy and the need to reduce transaction costs are key factors driving the market revenue growth

Rising adoption of decentralized blockchain technology is expected to significantly drive the market revenue growth between 2021 and 2028. Additionally, high demand for better security and privacy will continue to drive the market growth. Moreover, the demand for decentralized blockchain has recently increased at a rapid rate. Industries such as automotive, aerospace, and aviation are rapidly adopting decentralized blockchain technology. Technology refers to the transfer of control and decision-making from an individual or organization to a distributed network. Decentralization helps to optimize the allocation of resources in order to provide better services.

Blockchain offers transparent logging of vehicle sensor data and is also being deployed in the supply chain management and finance industry due to various advantages and advantages. Blockchains are used to store data generated from vehicle component billing, as well as to maintain vehicle quality inspection reports. It further enables vehicle safety and data security as blockchain data cannot be manipulated or erased.

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Some major companies included in the global market report are Amazon Inc., International Business Machines Corporation (IBM), Accenture PLC, Microsoft Corporation, Bitfury Group Limited, ConsenSys Inc., Provenance Inc., Mesosphere Inc., BigchainDB GmbH, and Oaken innovations. Inc.

In May 2020, International Business Machines Corporation (IBM) launched its Blockchain product tracker, IBM Food Trust. The blockchain will monitor fresh food as the produce travels along the supply chain and will also strengthen the bond between customers and the business as customers can track and trace the quality of food throughout. of the process.

Moreover, the demand for decentralized blockchain has recently increased at a rapid rate. Industries such as automotive, aerospace, and aviation are rapidly adopting decentralized blockchain technology.

Technology refers to the transfer of control and decision-making from an individual or organization to a distributed network. Decentralization helps to optimize the allocation of resources in order to provide better services.

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Some highlights of the report

Private Blockchain segment revenue is expected to grow at a significantly rapid CAGR during the forecast period owing to the growing need for data safety and security in the aerospace and aviation industry. Private blockchain is a special type of blockchain technology where a single organization has access and authority over the network.

The decentralization segment is expected to witness a very steady revenue growth rate over the forecast period as organizations are rapidly turning to decentralized blockchains to transfer authorization from an individual to a distributed network.

North America is expected to account for a larger revenue share than other regional markets in the global automotive, aerospace and aviation blockchain market during the forecast period owing to the presence of a number of international and domestic blockchain technology providers such as Amazon Inc., International Business Machines Corporation (IBM), Microsoft Corporation, ConsenSys Inc., and Mesosphere Inc., among others in developed countries in the region.

The research report offers in-depth insights into company profiles and their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches , brand promotions and government and corporate agreements, among others.

The report analyzes the growth trends over the historical years and offers an idea of ​​emerging industry trends. The research conducts an in-depth analysis of the latest projects undertaken by the companies and also offers details on the viability of the projects.

To know more about the report visit @ https://www.emergenresearch.com/industry-report/blockchain-in-automotive-and-aerospace-and-aviation-market

Emergen Research has segmented the global automotive, aerospace, and aviation blockchain based on type, components, application, and region:

Type Outlook (Revenue, USD Million; 2018-2028)

Private blockchain

Hybrid Blockchain

Public blockchain

Components Outlook (Revenue, USD Million; 2018-2028)

Decentralization

Data integrity

Digital signature

Data mining

Application Outlook (Revenue, USD Million; 2018-2028)

Automotive

Aeronautics and Aeronautics

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