Why should Manufacturing Industry adopting the Blockchain Technology?

Did you know the manufacturing industry accounts for 17 percent of global GDP? This is the reason why manufacturing is one of the key functional units for economic growth worldwide. However, this industry needs to cope up with inefficiency and quality control issues it is facing in the last few years. Blockchain for manufacturing is transforming the way products are being manufactured in 2019 and is surely going to impact this industry.

Many problems can be solved by the involvement of Blockchain as this technology can radically transform the industry and provide better visibility to the manufacturers. Not just the dealers will get good quality of products and services but there will be machine-level monitoring with Blockchain’s new business model. The basic idea is to enable the manufacturers to sell more and get benefited with quick turnaround time. If we talk about the estimations, then 30 percent of manufacturing units will hit revenue of more than $5 billion by 2023.

Key beneficiary features of Blockchain in the manufacturing industry

· Attainment of the stability– Once the data becomes part of Blockchain, the alteration or any change in it is not possible.

· Easily available traced data– With the help of this amazing technology known as Blockchain, data traceability becomes a lot easier than ever.

· Decentralization is offered by Blockchain- With this technology, getting a decentralized platform is possible for manufacturers and dealers. And, with this, the data can be distributed in the network and one does not need to store it on the servers.

· The important factors: Data security and transparency — The ultimate data security can be achieved with the help of blockchain as all the data is stored cryptographically. Due to this, it is not accessible by anyone from the external systems. People within the system can view or alter the information, which makes it even more transparent and convenient. For the marketing industry, the Blockchain is combined with the IoT and 3D printing for the best of the outcomes ever.

So, all manufacturing businesses should be ready for such amazing features of Blockchain technology. If you are a manufacturer, you should definitely think of adopting Blockchain to enjoy its endless benefits.

Now, Let’s Study The Specification In detail.

Better inventory management with blockchain

In the manufacturing industry, record maintenance becomes quite subtle with blockchain. Under this model, one can easily connect with various parties as per the value chain and, production sites distribution centers, and suppliers also. Within the network, everyone can easily assess the information that has been stored in this technology. By functioning this way, a manufacturing unit does not face any confusion. There is an enhanced inventory management system that leads to the betterment of the industry with Blockchain for manufacturing industry.

Improve data security with blockchain

Nowadays it is very difficult for you to keep up with confidential data and information due to hacking and other malfunction practices. We cannot rely on the traditional methods to keep our sensitive data safe. If we make use of the latest technology of blockchain, then one does not need to worry about security breaches as it would have Cryptography to protect the information in the system. Those secured blocks involved in the blockchain help a lot to keep up with improved data security and leave hardly any chance for data to be hacked. So modern manufacturing units need to use blockchain to act as a shield for their supply chain data.

Easy and Secure payments

Blockchain also covers the transfer of funds part of any organization in the manufacturing industry. So, there is no requirement for the traditional banking methods that just consume extra time and energy. All you need is to make the digitally secured transactions a part of your agreement for blockchain usage and agree to their terms and conditions. Due to the promptness and convenience of blockchain, people prefer this around the globe.

Improved customer engagement

In any industry, it is very important to have a strong customer base and to get more customer engagement. The reason being, the ultimate idea is to make more profits and showcase satisfactory results. If we talk about blockchain as a storage Technology then it is very vast but more than that it is used to make predictions for the manufacturing industry. Such forecasts contribute a lot towards customer satisfaction by maintaining transparency for them. Undoubtedly, this can be a game-changer for your whole organization that you cannot wait to include.

Blockchain leads towards smarter contracts

The contracts that are done through the blockchain technology are way faster and legally binding for both the parties. That coded logic in the shared ledger is way more beneficial than you must have thought for your company. Once the contract is done, it leads to the automatic exchange of information. Under this business model for Blockchain for manufacturing, a lot of time is saved and the same can be invested somewhere else.

No more inefficient procurement of products

When there is insufficient procurement of products, the chances for financial loss increases in the industry. But with blockchain, there will be no complex supply chain processes and hardly any unwanted expense. This leads to a streamlined and automated supply chain for the ultimate profitability and better cash flow in the manufacturing unit. And, this is all possible once blockchain is adopted in the system of the manufacturing industry.

Improved data tracking

It is very difficult to track the origin of the manufacturing, product from its very beginning to the end. This cubism process includes acquiring industry certifications, technical documentation, and various quality checks. But with the blockchain, there can be more traceability and transparency without much hassle as there will be a shared view that allows all the participants of the value chain to see. There is no gap in acid handling and there will be better data tracking in the system.

Blockchain is a game-changer in the manufacturing industry

The doubt blockchain the manufacturing industry is scattered, slow-moving, paper-based and insecure. There is an urgent need to turn this industry into the most automated and fast-paced one. With this technology, this very significant unit of the economy can be turned into the smart manufacturing industry. So being an owner of a manufacturing unit, when are you adopting this technology into your organization for endless such benefits it has to offer?