Most industries today are transforming digitally, but the transformation is even more visible and disruptive in manufacturing. Known as Industry 4.0, the manufacturing industry is going through deep changes, expanding virtual data and processes in an industry that has fundamentally been about dealing with physical products.
This transformation has already started, and its impact is expected to be massive. Technical, economic, and social changes are expected across the whole manufacturing ecosystem. Because of this, jobs are beginning to shift from offshoring back to nearshoring.
There are many elements driving the Industry 4.0 transformation: 3D printing, robotization, and automation, smart factory with IoT and machine learning, and supply chain digitization. But the next technology that is going to contribute to the digital revolution is blockchain.
When we start to look at next-generation manufacturing use cases and matching those with blockchain characteristics, blockchain appears to be a very valuable technology to fuel the manufacturing transformation.
Though not yet a predominant technology for Industry 4.0, blockchain will bring value wherever there is a need for various and multiple participants in a business network to transact, and exchange and share data while maintaining a trusting environment.
Blockchain is able to help in the following areas of manufacturing:
- Automating and integrating the supply chain
- Product lifecycle track & trace
- Sharing and securing industrial IoT intelligence
Blockchain can be used across the whole manufacturing industry to address all different types of projects and stakeholders. Its value to the manufacturing vertical is promising as Industry 4.0 continues to grow.
Don’t forget to register for our upcoming webinar to learn how you can apply blockchain to facilitate digital transformation.