• Supreme Enlightment Foundation

Blockchain in Manufacturing Businesses

The expansion of trials is proving that blockchain in manufacturing industries has the potential to be endless with the ability to create new business models.

Manufacturing industry is one of the hard-core industries with many complexities. There would be several processes to be performed for a single product to be manufactured. Usage of Blockchain technology simplifies most of them.

Blockchain technology has come a long way since it was unleashed upon the world some 10 years ago. Initially proposed as the backbone of a new type of electronic cash system, blockchain has evolved into something more. Today, the technology is viewed as one of the cornerstones of a future digital economy, with potential to disrupt a multitude of industries. Blockchain technology has yet to enter the digital transformation plans of many manufacturers. Research firm Gartner predicts that 80% of the supply chain blockchain initiatives will remain at proof of concept (POC), or pilot stage, through 2022.

The firm also says that blockchain will support the global movement and tracking of $2 trillion in goods and services globally. 3 Blockchain has all the potential to change the way supply chain functions in a manufacturing ecosystem. Though it's often reported that large enterprises are leading blockchain powered initiatives, it's small and mid-size firms that are most likely to take the lead in the long run.

it will most likely make a difference in various manufacturing industry segments.

Aerospace and Defense

Automotive

Food Manufacturing

Pharma and Medical Devices

Small and Midsize Manufacturer

TradeLens

These companies are the backbone of the global economy, and they contribute to the major share of economic growth. However, the majority are financially constrained. They generally struggle to access credit based on their movable assets as collateral, and a sizable chunk of new businesses cease to exist in the first three years due to lack of financing.

This is where blockchain can help by transforming the way trade finance works. The system records and verifies every step in the supply chain, making it verifiable for all involved parties. This level of verifiability and accuracy can significantly improve invoice financing options for this well-deserved segment.

This is where blockchain can help by transforming the way trade finance works.

As already mentioned, the supply chain is an integral part manufacturing industry and having a more efficient system will only ensure that the manufacturing business runs seamlessly. The manufacturing industry deals with a lot of issues at the moment. In reality, the sector is falling behind greatly due to the increased amount of inconsistencies and mismanagement. Therefore, this sector needs a dire change at the moment. Blockchain’s potential is perfectly suited for manufacturing. Let’s understand how blockchain can increase the business value in the manufacturing sector. How Is Blockchain Used in Manufacturing?

Supply Chain Auditing for Increasing Transparency
Improving Efficiency at Manufacturing Plants

Lowering Barriers for Smaller Manufacturers

· Reducing Systemic Failures

· Counterfeit Detection and Product Provenance

· Authentication of IoT Devices

· Real-time Tracking of Maintenance Process

· Securing Sensitive Data

· Secure Marketplace for Additive Manufacturing

· Improving Sourcing of Materials

The coursing of materials is crucial for manufacturing industries. Why though? Well, it’s because if they don’t use authentic materials, their end product quality will decrease massively. Therefore, it’s only logical to test out the source before making the final purchase.

So, using blockchain in manufacturing for maintaining the supply chain is crucial. Blockchain can help out in ensuring that the source is authentic and the quality of the materials is on point. More so, blockchain can even connect probable sources with their buyers to give them more options. Real-World Manufacturing Companies Using Blockchain Technology VolkswagenGroup, Toyotagroup, Samsung, Daimler, Foxconn, Ford, Nestle, Unilever, PfizerMerck & Co.

From sourcing raw materials delivering the finished product, blockchain can increase transparency and trust at every stage of the industrial value chain. Pain points it could help address include:

· Supply-chain monitoring for greater transparency

· Materials provenance and counterfeit detection

· Engineering design for long-duration, high-complexity products

· Identity management

· Asset tracking

· Quality assurance

· Regulatory compliance

Blockchain-powered solutions can seamlessly aggregate all of this information, delivering significant value for industrial companies, and can also help unlock the full potential of other advanced technologies like augmented reality, IoT and 3D printing.

Industrial companies are showing there’s more to blockchain than cryptocurrencies.

Manufacturers are developing blockchain implementations that have the potential to help them streamline operations, gain greater visibility into supply chains and track assets with unprecedented precision. Blockchain has potential to revolutionize how manufacturers design, engineer, make and scale their products. What’s more, because of its power to foster trust among competitors who must nonetheless cooperate within common ecosystems, it’s rewriting how firms interact.

With the help of Blockchain Improve Manufacturing?

Due to the increased international influences, manufacturers need to stay interconnected with each other. But only the blockchain can make that happen now.

Therefore, manufacturers around the globe are starting to develop blockchain solutions to streamline their operations and increase their visibility. As the blockchain has the potential to alter the entire process of manufacturing, it’s only relevant that companies start to come together and create a blockchain-based ecosystem. Most of the manufacturing industry facing the challenges for

• Difficulty Forecasting Demands

• Inventory Mismanagement

• Low Efficiency

• Difficulty Increasing ROI

• Skilled Labor Shortage

• Legacy Networking System

• Counterfeit Products

• Lack of Proper Auditing Model

Blockchain can improve manufacturing by offering a decentralized infrastructure. We know that the decentralized structure isn’t suited for the enterprise environment. However, the features that come with this structure can actually help the manufacturing companies in various ways. blockchain can establish the use of a proper auditing system. In reality, everything in blockchain goes through various auditing processes. So, it’s the perfect tool that can help companies to regularly audit the quality of the products in real-time. Using IoT devices, they can easily monitor the condition of each product.

Another great way blockchain can improve manufacturing is the reduction of costs. In reality, blockchain can help companies to reduce costs without harming their quality in any way. So, companies can finally break free of the loopholes and finally offer their best products for the consumers. More so, it can help save a lot of resources for the small-time manufacturers as well.

blockchain in manufacturing markets can improve the transaction process that happens within the ecosystem. Everything is done within seconds, paying up the supplier, dealing with the distribution center, or logistics. Previously, it would take days to process the transactions. But using blockchain, you can do it within minutes!

It all looks very lucrative and Blockchain is definitely holding a strong future as far as the manufacturing industry is concerned. But when it comes to implementation then we need to check whether or not implementing this technology is beneficial for the company or a costly endeavor.