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How Can Blockchain Accelerate The Manufacturing Sector

BFSI News

How_Can-Blockchain-Accelerate-The-Manufacturing-Sector How Can Blockchain Accelerate The Manufacturing SectorBlockchain technology could accelerate the operations in the manufacturing sector for all-sized companies. With the technology, manufacturers could store their data on the Blockchain and utilize it to show a relationship their ERP systems with their suppliers’ systems. In this regard, Blockchain and Distributed Ledger Technology (DLT) can be constructive as they can support a global supply chain without requiring middlemen or a third party.

By deploying Blockchain technology into their operations, manufacturers could give products a digital identity. This would allow final customers access to all the information they require regarding the products they purchase. The technology could protect 3D printing intellectual property. 3D printing, over the past two years, has seen a simulated adoption in production. Between the year 2017 and 2018, it has seen by an increasing adoption rate of 21 percent. Since more businesses start deploying it to speed up product development and generate prototypes, it becomes essential to discuss how they can secure intellectual property in 3D printing. However, Blockchain technology could support to protect 3D printing intellectual property by utilizing smart contracts for complete safety. For that effort, once data is stored on the Blockchain, the registered printer can access the license information through a smart contract. Afterward, the serial number on each printed component could be written into the Blockchain to confirm the type and quantity of elements printed based on that explicit license.

At the present time, manufacturers are required to manage their data across compound systems both in-house and through third-party providers. As it is an inefficient process that comes with security risks, it can decelerate business procedures. However, by deploying Blockchain by companies could advance data management in manufacturing. With that, they could also gain more precise real-time insights, and augment the usability of their data. Additionally, businesses could get an inclusive understanding of their existing operations, as well as could perceive the need to advance productivity and optimize workflows.