Opportunities for Blockchain in Manufacturing

The industrial revolution begun in the early 18th century and since then manufacturing has exponentially risen with complex supply chains, increased demand, and lesser requirement for manual labor to meet the escalating needs of customers. To stay on top of the value chain one must continue to innovate and be informed with the global technological advancements. One challenge that has been a major challenge in the business environment is the increasing need to rethink trust with a diverse cast of counterparties participating in a supply chain. Existing approaches are time-consuming and cannot keep up with the increasing demand and participants in the value chain. Blockchain technology a decentralized consensus-based approach is being tested and proven to improve authenticity of users in any value chain by connecting them to a single solution. This way every participant playing a major role in the manufacturing of a part can be validated and chances of counterfeiting, frauds, data theft, transaction failures can be easily captured and scrutinized reducing errors and improving working proficiency. Key Questions Answered in this study What is a blockchain and what are its benefits? What are the implementation advantages of blockchain? What are blockchain implementation benefits? What are the implementation challenges? What is the typical architecture of an manufacturing environment after adoption of blockchain? Who are some of the case studies being benefited by the blockchain concept? Who are the key innovators in this market? What skills are needed for adoption of this technology? What are some of the growth strategies? How will the industry grow?