Over the years, the advent of every technological innovation has played a significant role in making our lives easy and better in every way. While basking under that comfort, we came to realize that there was a considerable lack of accountability. However, now we finally have a ground-breaking innovation that encompasses everything that has been lacking so far from the legacy systems.
Blockchain technology is an open-source decentralized and distributed ledger that comes with values such as immutability and traceability in record keeping and transactions. Everything entry in a Blockchain ledger is authenticated by the network participants, which is devoid of any control from a central body.
The growth and evolution of Blockchain have had a great influence over the overall global market. The disruption that started with the financial sector, with the debut of cryptocurrency Bitcoin, had extended to other sectors as well to positive outcomes.
Here in this article, we will discuss the ways in which Blockchain technology can help manufacturers.
Blockchain in Manufacturing
Supply chain management is integral to the manufacturing sector, and Blockchain is the champion of streamlining every stage of it. The technology helps in enhancing the visibility across different stages authenticating each process and each transaction that happens between the parties involved. Starting from the suppliers to the manufacturing units, then to the warehouses and then finally to the retail outlets, every stage of the product manufacturing can be monitored and traced to prevent any mistake, or in such scenarios rectify it as soon as possible.
Supply chains can be spread across continents. The raw materials can be sourced from one country, processed in another and then sold in a series of different places. In the case of legacy systems, conducting an operation that is so widespread, becomes heavily dependent on time taking processing and a bulk load of documentation, which can be easily altered as seen in many cases.
Blockchain brings uniformity in the process of recording, storing, and exchange of data while keeping the process transparent and the record immutable.
It is due to this inherent quality of Blockchain that, the business value of the technology is expected to grow to a staggering $175 billion by 2025, exceeding $3 trillion by 2030.
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