The value of the cryptocurrency industry increased by the end of 2017. More than 10 years after it originally gained prominence in the finance industry, blockchain technology has reawakened interest. However, blockchain is more than just bitcoin, and it has the potential to be utilized in a variety of other industries where the risks of development and the impact on user trust are not as large as in financial services.
Blockchain technology has the potential to expand outside an organization to encompass its partners, customers, and supply chains, opening new paths for collaboration outside of a company’s ecosystem. The distributed ledger uses a single version of the document and can assist in ensuring that all action is visible to all. Each party has equal access, which reduces the possibility of data being hidden or modified because no one party has complete control over the database.
Embracing the ‘Outcome Economy’
Blockchain could be the answer to facilitating this shift by providing a trustworthy and high-quality source of transactional information for smaller factories and suppliers. This immutable ledger will confirm that the product has been made through the right process and with the right materials, as well as provide certification against that process.
Taking Digital Transformation to the next level
Manufacturers have been weak to embrace digital transformation, but they can no longer afford to ignore the benefits of digitization in terms of efficiency, productivity, and agility. Critical insights can be used to optimize processes and operations by harnessing data collected from devices and machinery, resulting in significant savings. This finally allows manufacturers to deliver better service to their consumers and partners, allowing them to gain a competitive advantage.
Additive manufacturing and intellectual property
The 3D printing business is only one example of where intellectual property theft is a fundamental problem. Traditional methods of transferring design files to suppliers and their printing devices leave designers vulnerable to theft. To combat this, the blockchain system generates an automatic audit trail, allowing users to track the proper usage of the 3D model, the materials used in the process, and finally the product serial number to validate its incorporation into the products.
As industrial landscapes transform, it’s time to reconsider blockchain and how it might be utilized to improve transaction quality. It will thrive in places with fewer risks and bring an extra layer of security to procedures where this is a high priority. However, before organisations embrace blockchain, extensive effort with the technology itself is required before widespread adoption is realised. There will be a certification challenge, and the regulatory industry will have to catch up to using blockchain to certify products.
By incorporating continuous quality from the beginning of a project – from requirements validation through business as usual – the degree of risk may be decreased, and as technology improves, business leaders should examine how this technology can benefit their organisation.
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