The Global Blockchain in Automotive and Aerospace and Aviation market size is estimated to reach $22.1 billion by 2026, growing at a CAGR of 51.3% over the forecast period of 2022-2026.
Blockchain takes care of many manufacturing processes, ranging from storing data from bills of lading for vehicle components, quality inspection logs during the manufacturing process, and WIP information for each vehicle assembly.
The increasing demand for transparency and traceability in the supply chain system is expected to act as a driving factor for the sales growth of the market over the forecast period. Blockchain technology uses advanced security patches compared to other types of recording systems. Companies are increasingly looking for more innovative and cost-effective solutions to enable more secure access to data. Blockchain technology makes transactions end-to-end encrypted and keeps a proper link for old records. Organizations are increasingly focusing on delivering more advanced solutions using blockchain technology to meet the changing needs of end-users.
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Market Dynamics
Driver:
The need to reduce transaction costs and immutability in Blockchain has been a prime reason for market penetration.
The increasing need to reduce transaction costs and immutability in Blockchain is expected further to drive demand for blockchain technology in various organizations. Blockchain technology can also enable companies to work on an integrated platform for managing logs and records more efficiently. It implies that Blockchain creates efficiency in processing updated logs, thereby eliminating manual tasks such as aggregating and amending data.

Challenge:
The lack of regulatory frameworks and technical expertise has raised questions and impeded market growth.
The concerns regarding lack of regulatory frameworks and technical expertise are key factors likely to hamper global Blockchain in automotive and aerospace and aviation market revenue growth to some extent over the forecast period. Concerns regarding the lack of regulatory frameworks have been increasing due to the increasing use of blockchain technology.

Regulators and businesses should develop and deploy guiding principles to attract private investors, ensure better user security, and provide safety towards anti-competitive practices. The private sector should also take initiatives to ensure industry-wide compliance with legislation and objectives such as collecting taxes and prosecution for illicit activities. The potential of transaction data leaks, identity fraud, legal violations, and Denial-of-service Attacks (DDoS) on blockchain technology are expected to hamper the market growth.
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Key Market Players
Key Players in the Global Blockchain in the Automotive and Aerospace and Aviation Market consist of 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.

Recent Developments:
• In May 2021, Provenance Inc. launched an open-source, decentralized blockchain, which is developed to support financial service industry needs by providing ledgers and online registers across financial markets. This new Blockchain will allow for a more structural framework, including market pricing and real-time settlement.

Report Coverage and Scope

By Type
• Private Blockchain
• Hybrid Blockchain
• Public Blockchain
By Application
• Automotive
• Aerospace & Aviation

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By Geography
• North America
• Europe
• APAC
• RoW

TOC:
Chapter 1 Blockchain in Automotive and Aerospace and Aviation Market Overview
1.1 Product Overview and Scope of Blockchain in Automotive and Aerospace and Aviation
1.2 Blockchain in Automotive and Aerospace and Aviation Market Segmentation By Product Type
1.2.1 Private Blockchain
1.2.2 Hybrid Blockchain
1.2.3 Public Blockchain
TOC CONTINUED…
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