Blockchain Technology Procurement Research Report - Trends and Forecast by SpendEdge

Global procurement market intelligence advisory firm, SpendEdge, has announced the release of their ‘Blockchain Technology Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the IT industry. This report breaks down the data and analysis behind the procurement of blockchain technology and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Blockchain Technology Procurement Market Intelligence Report (Graphic: Business Wire)

“The global blockchain technology market has been growing at a rapid pace during the forecast period,” says SpendEdge procurement research analyst Bhuvaneshwari Udayakumar. “However, a majority of the demand for blockchain as a service solution comes from the banking and the supply chain industries,” added Bhuvaneshwari.

Key Report Features

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Report Insights

• One of the biggest factor triggering the blockchain technology market is the unchangeable nature of a blockchain’s data (immutability) offered by it. The immutability of a blockchain originates from two key ideas, namely hash and blocks. A hash is the fingerprint of any data and is unique to that data whereas, every block in the blockchain comprises of data related to the set of blockchain transactions and the previous block’s hash.
• A blockchain solution often needs to work in tandem with the existing legacy systems such as relational databases and web-based applications. Variations in the technology standards of these legacy systems lead to interoperability issues with the blockchain.
• One of the major challenges in the blockchain technology market is that the technology is simply too complex to understand for an average person. The lack of understanding and awareness discourages prospective purchasing managers from investing in the technology.

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Blockchain Technology Pricing Trends

The subscription-based pricing is a widely implemented pricing model in the blockchain technology market. It provides flexibility to purchasing managers as they can cancel or renew services as and when required and converts fixed costs into variable costs. This pricing model involves lesser risk as no huge upfront costs are involved. Purchasing managers can easily switch to a new solution provider if they are not content with the existing service provider. Furthermore, offers scalability to purchasing managers as they can simply pay higher subscription fees when their needs increase significantly.

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About SpendEdge

SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171003005890/en/