Syncron explains why blockchain could do everything from track E.coli to boost supply chains and customer loyalty.
Blockchain technologies have the potential to radically change the face of manufacturing, according to Syncron.
Blockchain, most commonly associated with cryptocurrencies such as Bitcoin, is a digital ledger technology which can be used to store and record transactions.
As records along the chain are stored and distributed across nodes in the network, it is very difficult to falsify records, making the blockchain a more secure and transparent way to record transactions and service records. This, in turn, gives blockchain applications outside of cryptocurrency exchanges.
The enterprise is exploring ways to utilize blockchain technologies in everything from finance to manufacturing.
IBM Blockchain is available to refine the supply chain and improve identity and data management, Blockchain Foundry focuses on blockchain-based services for prototypes and production in manufacturing applications, BigchainDB offers scalable blockchain services and Chain touts a blockchain platform for financial services, among others.
These are only a few of the options available to the enterprise and different industries, and despite the technology being relatively unknown, the potential of blockchain is likely to attract even more interest in the future.
In an interview with ZDNet, Gary Brooks, Chief Marketing Officer of global manufacturing and supply chain technology company Syncron said blockchain is of particular interest to the manufacturing industry due to its benefits regarding verification and transparency.
“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,” Brooks said. “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.”
“In this case, manufacturers leverage IoT and predictive analytics in their service parts supply chain to proactively repair equipment before it ever breaks down,” the executive added. “Blockchain can provide an increased level of visibility into this process, as it would allow an entire global service supply chain to see when and where parts are moving to ensure the repair is made just in time.”
As data held within a blockchain is decentralized and shared across nodes, the technology can be used to create and maintain a shared and continually-reconciled database.
Whether an enterprise or SMB, companies can use this to increase transparency, recognize issues within a supply chain, and streamline industrial processes.