Blockchain Technology and Traceability 

• In the Year 2023, Tracking tools will continue to develop in the near future and may add more capability to anti-money laundering investigations. On-chain data can benefit blockchain analytics and anti-money laundering investigations. We are already starting to see a multitude of on-chain trading and analysis platforms and tools. Through the data aggregation of these tracking tools, users can discover information such as the location of their funds and determine whether their assets are connected to stolen funds.
• In 2023, Document Authentication, Transaction Reconciliation, Data Provenance, and Online transactions could benefit from Blockchain technology. We will see more and more real-world use cases on Blockchain. 

Blockchain and Supply Chain 

In 2023, we will have a more considerable adoption of Blockchain in the Supply chain to define trust transparency and traceability.

In the case of Supply chains, a limited number of known parties interact, and Blockchain allows them to protect their business interests against malicious actors. Successful blockchain applications for supply chains require permissioned blockchains and rules to govern the system. 

The world of ERP systems and financial ledgers stands to benefit from Blockchain. The scenario could be a simple transaction involving a retailer, a supplier, and a bank supplier needing to execute the order, with support from the bank in the form of working capital.

It could also apply to an E-commerce platform involving millions of daily transactions with thousands of vendors and multi-country settlements. The transaction involves flows such as information, inventory and finances.

Blockchain to be used to push farm exports   Economic Times. 

• The year 2023 promised to provide a technological push through Blockchain. Lack of quality produce and traceability has hampered India’s food exports apart from disincentivizing growers, and Blockchain technology can help bridge this gap,” a senior government official told ET.

According to the Agriculture and Processed Food Products Export Development Authority, India exported fresh fruits and vegetables worth about $1.52 billion in 2021-22, with fruits accounting for $750.7 million and vegetables for $767.01 million.  

Exports of processed fruits and vegetables totalled $1.73 billion. These included about $1.12 billion of processed vegetables, including pulses and $610.69 million of processed fruits and juices. 

Blockchain technology has manifold advantages. Since all the data gets recorded on a distributed ledger system, it becomes tamperproof. The immutability of the data creates absolute transparency and accountability. Verification becomes easy at every level – for regulators, quality certification agencies, manufacturers, wholesalers, retailers and consumers. It’s not just about verification. These initiatives can build brand value for organic food companies. It is a significant shot in the arm of the trust economy, where agricultural companies can convincingly prove their products’ health and nutrition benefits. The good news is that blockchain technology is already starting to empower the agricultural sector in India. Many manufacturers are fast moving towards adopting this technology throughout their processes.

Over the past few years, interest in blockchain technology is growing steadily and rapidly, with increased adoption of the technology by Food and Agriculture, Finance and Banks, Governments, International trade and supply chain management, triggered by the various benefits it could deliver.

2023 will see a couple of newer blockchain technology adoption models, such as asset tokenization, emerging in 2023 and beyond. Tokenization uses blockchain technology to turn digital or physical assets such as stocks, treasuries or corporate bonds into digital tokens. Smart contracts automate token transactions while helping reduce risk and increase transparency.

We may see the growth of exciting applications of tokenized assets such as flash loans and real estate. At the same time, we will also see a surge of start-ups focused on bringing TradFi institutions into crypto in a regulatory-compliant way. 

 The blockchain market is expected to grow further in 2023 and beyond. The spending on various blockchain solutions is forecasted to increase from $12.2 to $ 23.3 bn in 2023.

Reference 

• Economic times 
• Coin CDX