Blockchain & Manufacturing
Manufacturing can be traced back to the ancient world and has a long history of transformation, driven by waves of technological innovations.
Nowadays, manufacturing is a quintessential component of the prosperous economy of every country. Generally, modern manufacturers are considered a significant part of the economy and are usually associated with mass production. Often manufacturers’ supply chains are sophisticated, complex organizations with a number of nuances that can make transparency and accountability challenges — especially when it comes to the logistics of building and shipping new equipment and service parts.
The implementation of technological advancements as Blockchain are on the rise to enable the mechanization of production processes, as well as improve overall efficiency and productivity for the benefits of the manufacturer and end customer.
Benefits of Blockchain Technology for Manufacturing Industry
Blockchain is of particular interest to the manufacturing industry. From sourcing raw materials to delivering the finished product, blockchain can increase transparency and trust at every stage of the industrial value chain. Pain points it could help address include Supply-chain monitoring for greater transparency, Materials provenance and counterfeit detection, Identity management, Regulatory compliance, Quality assurance, and many more. Blockchain technology has the potential to radically change manufacturing supply chains, and with them, cut out the middleman, streamline processes, and improve security on the whole — as well as simplify data management.
Blockchain Use cases for the Manufacturing Industry
|Simplifying and safeguarding quality checks – Blockchains can provide a flexible, comprehensive system—not owned by a single manufacturer, supplier, or operator—for logging and tracking all relevant information about parts. This includes data about raw materials, usage, maintenance cycles, and performance testing. Participants gain access to a complete, auditable log of a particular part.
|Enhancing track and trace – Companies can use blockchain technology to exchange data easily, accurately, and securely within complex supply chains. Blockchain technology can be used to provide an immutable, permanent digital record of materials, parts, and products, thereby promoting end-to-end visibility and providing a single source of truth to all participants.
|KYS (Know Your Supplier)