The manufacturing industry today has mainly been impacted by the digital revolution, the rise of Artificial Intelligence, and the IoT (Internet of Things). However, Blockchain technology could help accelerate change. With the Fourth Industrial Revolution, manufacturers can harness information technology to advance their business procedures. They can not only gain greater visibility into their operations and processes but can also stimulate production times, enhance customer support, as well as lower the costs significantly.
Blockchain could advance the manufacturing industry by revolutionizing the supply chain. The technology currently, which supports supply chain management, is old. As of result, it strives to continue the pace required by global market dynamics in the digital market. Hence, for major players in this industry, maintain the efficiency of their operations is getting complicated, as more data requires processing and evaluating on a daily basis. In this regard, Blockchain and Distributed Ledger technology (DLT) can be constructive since they can support a global supply chain without the need for an intermediary or third party. Apart from lowering the costs, Blockchain in manufacturing could offer a higher level of transparency and efficiency, in addition, to provide better communication between parties.
Blockchain, with IoT-based technology, could streamline manufacturing operations for all-sized companies. Manufacturers could store their data on the Blockchain and utilize it to connect their ERP systems with their suppliers’ systems. For instance, any connected machine that needs maintenance could simply use the internet to order a replacement part. It would also lessen the time required for engineers to set up new pieces and restart production. When a company links its machines to the internet, it can collect, store, and evaluate more data that allows both predictive and prescriptive analytics. Managers can utilize this valuable information to spot traffic jam and optimize processes for increased efficiency.