Blockchain and Manufacturing: A Match Made in the Factory
This year, manufacturing will contribute $2.33 trillion to the US economy and drive 11.6 percent of its economic output. And, according to a World Economic Forum estimate, a 50% reduction in supply chain obstacles could increase global GDP six times more than the elimination of all tariffs around the world.
However, today’s flow of goods is mostly managed through manual operations and is extremely prone to fraud and error. Many manufacturers use a slow and outdated process for tracking the origin of goods, such as parts and food, and have very little ability to verify product authenticity. Those are just a few of the industry’s challenges. There is a huge opportunity to improve efficiencies and communication across the sector, and new technologies are ready. Blockchain is one that could help alleviate many manufacturing pain points. Download this whitepaper to learn how it can be used throughout manufacturing to bring new security, fraud prevention, compliance, efficiency, and accuracy benefits.