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Oct 24, '18
The Blockchain technology’s potential first realized with the introduction of cryptocurrency such as Bitcoin. Now cryptocurrencies are losing the interest of investors as well public due to highly volatile market conditions. Active players of cryptocurrency market are only quick profit earners and scammers but it does not diminish the value and importance of the underlying technology, The Blockchain. As we are familiar with the concept Blockchain technology, it offers a decentralized, transparent, immutable, trustless and open-source platform to store and manage information.
These required features of Blockchain technology have shown its potentiality in many sectors in the world’s economy. Pilot testing to implement Blockchain based data management system are being implemented in banking, messaging apps, stocks & securities market, voting, for digital identity, Online advertising, manufacturing, supply chain management, the education sector and other sectors of an economy. Here we will dig into Blockchain development’s potential for the manufacturing sector and how through Blockchain development services, a manufacturing organization can be benefitted.
The manufacturing industry is one of the information sensitive industries in an economy. Sensitive in the sense of documentation, technical certificates and specifications of products affects end users at large. For example, an aircraft manufacturer has to publish technical documents in order to validate the same with owner and others. Further any delayed technical certification or documents for a manufactured product while transporting a material can disrupt the supply of the same to end users. Also, managing these data has always been costly and time consuming for manufacturing companies.
Manufacturing’s information exchange and methods to perceive is sophisticated in nature to handle complex processes carried throughout the organization. The information during processes can be handled through Blockchain development. From the initiation of a manufacturing process to delivering of final products or materials will be documented in blocks making a chain for each slot or as per the requirements by manufacturing unit. The documents and information will be verified through consensus making it transparent, decentralized and open to all. Confidential information or digital documents can be shared through layers of channels offered by Hyperledger, one of the advanced versions of Blockchain technology.
Information regarding perishable goods or materials which require certain environmental conditions will be easily shareable through Blockchain platform. The data held in blocks is shared across nodes and these nodes are the receivers and participants of that particular Blockchain. Further, updates on product repairs and maintenance can be easily stored and continually reconcile throughout the chain of blocks. Consensus throughout the entire manufacturing process for data regarding product results in authentic and verified data. This verified data will be free from duplication at various levels made possible by consensus and reaches the right department of the organization as and how required.
Through Blockchain app development for a manufacturing unit, real-time data can be seen and trace by “n” number of participants. Specifically for industrial product manufacturing, technical data and certifications need to be published at a various platform; this task for publishers is made simple, as data entered in blocks will be immutable which helps documentation for to be published data authentic to the core.
This proposed implication of Blockchain development for manufacturing industry will result in low data processing cost, reduction in time in terms of handling the data and faster supply chain process till the end of the cycle.
We hope you have found this article informative and interesting. For more information or queries contact us to know more about this technology.