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Blockchain and Manufacturing: Improved Logistics, Business Processes and Compliance
Blockchain, the technology behind Bitcoin, has potential to transform processes across a range of industries. A recent report by ReportLinker estimates that the manufacturing blockchain market will grow to $30 million by 2020 and reach $566 million by 2025. Blockchain used in manufacturing applications potentially could simplify business processes, help modify and manage transactions, remove logistics and supply chain bottlenecks and provide greater transparency.
Potential benefits of blockchain in manufacturing include:
- Increased operational efficiencies
- Reduced Theft
- Shop floor automation
- Improved compliance with government regulations
Gary Brooks, Chief Marketing Officer at Syncron, said that “manufacturers’ supply chains are sophisticated, complex organizations with a number of nuances that can make transparency and accountability challenging — especially when it comes to the logistics of building and shipping new equipment and service parts. This is particularly true as manufacturers shift from a transactional, break-fix model of after sale service — where a service part is replaced after it has already failed — to a subscription-based model that focuses on maximizing product uptime.”
Greg Cline, researcher for Aberdeen Group’s Manufacturing, said that “many manufacturers are very excited about blockchain’s potential ability to verify goods moving through the manufacturing supply chain. The highly transactional and often multi-step and nature of business process services means that the potential applications of blockchain in manufacturing are significant.”
