{"id":19509,"date":"2022-11-18T11:20:02","date_gmt":"2022-11-18T11:20:02","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=19509"},"modified":"2022-11-18T18:25:22","modified_gmt":"2022-11-18T18:25:22","slug":"blockchain-in-retail-market-to-hit-25-8-billion-by-2029-meticulous-research-shows","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/11\/18\/blockchain-in-retail-market-to-hit-25-8-billion-by-2029-meticulous-research-shows\/","title":{"rendered":"Blockchain in retail market to hit $25.8 billion by 2029, research shows"},"content":{"rendered":"
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According to a recent market research report, the blockchain in the global retail market is projected to reach a market size of $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.<\/p>\n
Meticulous Research released t<\/span>he report for purchase last month <\/span>titled Blockchain in Retail Market by Component, Organization Size, Provider, Type, Deployment Mode, Application (Transaction Management, Supply Chain Management, and Other Applications) and Geography – Global Forecast to 2029<\/i>.<\/span><\/p>\n Blockchain is the disruptive technology that enables the existence of\u00a0cryptocurrencies<\/span><\/a>, like Bitcoin and Ethereum.<\/p>\n Retail blockchain records digital transactions cryptographically on a distributed ledger within the retail sector. Blockchain helps retailers to better track the origin of stock, offers better control over what they sell, and provides assurances for different applications.<\/p>\n Notable benefits of using blockchain include improved supply-chain and data management, reduced costs and settlement time, enhanced consumer trust, and brand authenticity.<\/p>\n The report covers Middle East and Africa, with a strong focus on the UAE and Israel.<\/p>\n According to a\u00a0survey<\/span>\u00a0by blockchain analytics platform Chainalysis last month, Mena countries have the fastest-growing cryptocurrency industry in the world, accounting for 9.2% of global digital currency transactions from July 2021 to June 2022. While the region is one of the smallest crypto markets, its growth to $566 billion was received in cryptocurrency between July 2021 and June 2022.<\/p>\n Furthermore, three of the top 30 nations in this year\u2019s Crypto Adoption Index are located in the Mena region: Turkey (ranking 12), Egypt (14), and Morocco (24).<\/p>\n Global findings<\/b><\/p>\n