🔩 Blockchain in Manufacturing
A more transparent and efficient process for manufacturing products
Today's Highlights
- Creating a more secure, transparent, and efficient manufacturing process
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Creating a more secure, transparent, and efficient manufacturing process
Product manufacturing is a very, long and complex process. There are dozens of steps for making a simple product like a water bottle and even more for something with more moving parts like a car. Blockchain has been the talk of the financial sector with Bitcoin and other cryptocurrencies, but some manufacturers are now experimenting with blockchain for their own purposes.
Blockchain in manufacturing will allow for more transparency, privacy, and a more efficient manufacturing experience.
Supply chain tracking is one of the major aspects that is impacted by the inclusion of blockchain. It allows for a more transparent monitoring experience which enhances the ability of companies to track down delays and sourcing constraints that impact production and profit. The tracking aspect is also helpful in eliminating counterfeits which cost manufacturers billions upon billions of dollars every year to rectify.
Privacy in the manufacturing process can also be increased with blockchain. Manufacturers can see exactly who has access to certain roles and can make sure there is no security breach. If there is one, they can trace it down accurately and quickly.
Building an aircraft is a prime example of how blockchain makes the manufacturing process more efficient. A superjumbo jet has more than 2 million parts and it is practically impossible to track down many of the parts. There is also a lack of transparency. Blockchain has the power to foster trust between multiple parties who need to cooperate to get the aircraft built on time. The main principle that allows this trust is that the manufacturers can use blockchain to generate a digital certificate for every individual part installed.
Not every manufacturer will benefit from blockchain. There are 6 categories that a company should check before utilizing blockchain as a solution: multiple parties that need to share data, multiple parties that need to update data, a requirement for verification, complexity, is it time-sensitive, and interacting transactions. If they can check off at least 4 of the categories, then blockchain will be suitable for them.
🧐 Today's Infographic
In Other News
Bitcoinist
Amitoj Singh
