The buzz around Blockchain seems to be growing every day. In fact, it’s become the backbone of a new era of digital currency and an intelligent programming language. But what are its implications for manufacturing or supply chain environments?
What is Blockchain?
It allows sharing of a database without a central administrator. Thus, creating a peer to peer network. In it are “blocks” of transaction information. In turn, codes protect the information. It’s also highly secure since every block links to the one before it and after it.
How is Blockchain used?
The most common use today is for crypto-currency circulation, including Bitcoin. It expedites the transfer of funds from one party to another. But, it has more uses than originally presumed. It has many other functions for services of exchange, agreements, contracts, and tracking.
What are the applications of Blockchain for Manufacturing?
Blockchain can increase the transparency and efficiency of manufacturing and supply chain management. Within the manufacturing field, it provides automatic reports about manufacturing activities. For example, machine use, material status, inventory levels, and on-time completions.