What are the Best Five Blockchain Use Cases in the Manufacturing Industry
Top three industries in blockchain who are moving ahead Proofs of concept are Manufacturing, Consumer Products and Retail. Amongst these three manufacturing sector has the most organizations with at-scale implementations, compared to the other two industries, as we see in the below figure.
Although maximum is at an early stage, manufacturing has three times the share of at-scale implementers compared to retail and consumer products. Some manufacturing companies have already gained major progress with blockchains like Foxconn, Robert Bosch and ZF Friedrichshafen.
Now let’s see top five blockchain use cases that manufacturers are looking at:
1. Supplier contract management
2. Digital thread
3. Tracking production
4. Tracking asset maintenance
5. Tracking recalled parts
Amongst these five, managing supplier contracts is the most famous blockchain use case for manufacturing companies.
Supplier contract management
Manufacturing companies are applying blockchain to manage supplier contracts and improve payment efficiency. Smart contracts can be used to increase transaction efficiency, enhance the speed
of execution and support quicker conflict resolution. Responsive contracts get rid of inefficiencies connected with regular contracts.
The digital thread is a communication framework that connects commonly isolated elements in manufacturing systems and gives a combined asset outlook. Blockchain provides credence to this ecosystem when many partners are involved.
Manufacturing companies require prompt information on the products developed by their EMS (electronic manufacturing services) suppliers. The blockchain assists OEMs track and validate this in real time.
Tracking asset maintenance
Blockchain, together with technologies such as IoT, supports in ascertaining whether an asset has been maintained as per the schedule, especially when many parties are involved.
Tracking recalled products
Blockchain enables the product or parts tracking by recording a product’s complete manufacturing campaign, right from the inception of its components until the product passes on to the consumer.
At Augusta Hitech, we have already developed these use cases for the supply chain sector and we have been building and implementing blockchain applications successfully for our major clients.
Would you like to know more about our enterprise blockchain solutions, cost reduction benefits and success stories, reach us at https://augustahitech.com/contact.html or Jump on a quick call for a free consulting at +1 (866)-962–1010