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Blockchain Will Emerge as a Transformational Technology for High Productivity
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Increasing use of blockchain technology will go together with growing advances in the construction and mining industry, especially through digitisation and automation. Key trends such as digital transformation, the rise in automation, modern equipment systems, and proliferation of financial technology (fintech) are influencing equipment models and are expected to drive adoption of blockchain technology. Some key advantages of using blockchain in the commercial vehicle industry are added transparency on ownership, price, and processes. This would also accelerate payment, enhance security, and eliminate fraud along with eliminating middlemen, reducing paperwork, and streamlining the supply chain. This report gives a complete overview of the blockchain applications in the construction and mining industry.Blockchain’s penetration in the construction and mining industry is expected to gradually increase in the coming years, especially after 2020. It is, however, largely dependent on the level of automation and proliferation of technology in the industry mandating support for these advances. Blockchain will radically simplify and accelerate the business operations of all key stakeholders involved in the construction and mining industry. Blockchain has been implemented in some pilot projects in the construction and mining industry, leading Hyundai to develop a new supply-chain finance ecosystem incorporating dealers, distributors and manufacturers. The equipment purchasing process for fleets using blockchain brings all the relevant stakeholders on a common platform, enabling them to share and view information in real time. Investing in blockchain is expected to smoothen fleet operations by improving overall operational efficiency and reducing costs. The penetration of blockchain platforms in the industry is currently limited. Suppliers will benefit from being on the same blockchain platform as original equipment manufacturers (OEMs) and final customers. This is expected to reduce the cost and time for spare parts and warranty issues as well as hasten recalls.This research report also covers off-highway vehicles.
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