According to Gartner, the business value of blockchain will slightly increase by more than $176 billion by 2025 and eventually by $3.1 trillion by 2030. Capgemini, on interviewing industry experts and start-up companies, found that 24 blockchain use cases that reflect how managing supplier contracts are emerging as the most significant blockchain use cases in the manufacturing companies today. However, the blockchain adoption is still nascent with six percent of manufacturers having at scale implementation today.
Blockchains have the highest potential to deliver business values in the manufacturing sector—the increasing visibility of blockchain technology in every area of manufacturing, right from suppliers to floor operations including machine level monitoring and service that enables completely new manufacturing business models. Alongside the various supply chains, blockchain and distributed ledger technology (DLT) will raise consumer trust, improve manufacturing, and asset management and sharing, allow for the secure machine to machine interaction, and accelerate document processing and financial transactions. In the manufacturing sector, blockchain and DLT can increase visibility and transparency to promote an unprecedented level of manageability and trust.
Blockchain technology along with IoT, provides real-time data of shipping containers status, tamper-proof storage, and shipment location timelines in highly regulated industries like, Pharma, Aerospace and Defense (A&D) and Consumer Packaged Goods (CPG). Pacesetters are set to increase investments by 30 percent in the adoption of blockchain technology in the next three years.
SyncFab is a peer-to-peer manufacturing network with smart manufacturing blockchain that links the regional advanced manufacturing capacity to the brand supply chain buyers. This platform has completely removed the need for buyers and manufacturers to spend crazy hours and money communicating through a ‘middleman.’ Also, by using smart contracts, the entire procurement process between these two parties has now become more secure and fair. From preventive maintenance, smart contracts can predict equipment malfunction to the proper process control, quality assurance, and inventory management.
The blockchain is not just about cryptocurrencies but far more than that. The blockchain is just out of its infant stage, still evolving. Today, blockchain has made its way into many industries. It may not be the future of all trades, but it will make drastic changes in many sectors. In every industry, trust is a critical issue whereas, in the blockchain, it comes for free. As blockchain in various aspects of technology is being explored, it is only imminent that businesses need to adapt and move toward blockchain base shortly.
See Also: The Manufacturing Outlook