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Faster, better, cheaper, more flexible and better quality. Terms that crop up the goals of many industrial organisations, possibly including yours. Blockchain technology makes it all possible.
Odds are, you’ve seen or heard the term blockchain somewhere in the last few months. This technology is currently transforming from a vague trend into a practical solution for, for instance, manufacturing businesses. But how can you effectively use blockchain technology for the industry of the future?
Blockchain, as the name indicates, is a kind of chain that stores everyone who once was the owner of the product. It also includes information about transactions. This could be the value of a specific product, a financial transaction or a purchase agreement. The blockchain technology can be used for anything that includes transactions. Bitcoin is a well-know example.
This chain helps you trace the origin of a product, including all information about that particular product. This information can’t be changed afterwards, which is what makes blockchain a reliable system for storing information in between different suppliers. It offers security for valuable transactions and information, without the involvement of a third party.
Many organisations and suppliers use their own data systems. These data systems usually aren’t linked, making it difficult to extract information from various sources. In case of a blockchain register all suppliers can be found in one single network. It’s an unbreakable chain.
All available information about the product chain is stored in one single digital register. What’s more, all your suppliers have access, making it easier to maintain contact with your suppliers. All suppliers and purchasers have the same information and can check every step. Understanding of the process. From start to finish.
Having a grip on the supply chain is ever more important. Authorities check processes. They expect more and more transparency and what to know what happens with the product. Sometimes leading retailers demand from their suppliers that they work according to certain standards. In such cases all the steps in a chain need to be clear and comprehensible.
Monitoring the supply chain and tracing mistakes in the process are made possible by blockchain technology. It also allows you to solve equipment malfunctions, for instance. The same trick can be applied for the communication between equipment. This way, blockchain improves the emerging smart industry. All equipment is placed in one network, sharing one general ledger. This results in easier and more efficient communication between machines.
The time that blockchain was only a trend has long gone. For the manufacturing industry plenty of applications can be thought of that would make it worth your while. Blockchain offers a transparent and secure transfer of data. It also enables communication between equipment for smart industry. Plenty of opportunities! Curious to know what the opportunities for your business are? Of would you like to have more information about this subject? Please contact us.