In the recent few years, Blockchain technologies have radically changed the face of the fintech industry. This digital ledger technology has been extensively associated with crypto-coins such as Bitcoin to record and store transactions. As records along the network are saved and distributed across network nodes, it gets complicated to forge records. This makes blockchain a more transparent and secure way for recording service and transaction records. This is why it finds applications even outside the fintech industry. More and more ways are being explored to take blockchain technologies outside fintech and into factories.
Blockchain is already being used in a few industries to track the goods’ movement. Beyond this, it can also be used to track how people work, thus unlocking a whole new perception of global supply chain dynamics. With factories across the globe becoming more and more interconnected, Blockchain’s influence is turning out to be more prevalent. With this, factories, in future, will span across a complete network of parts, machines, value chain participants, and products.
Today, manufacturers are facing the challenge of safely sharing data inside and outside the factory. It’s important for a manufacturer to do a structured evaluation to make the best out of Blockchain technologies. They should identify the business challenges and future needs following which they have to figure out how it can use this technology to overcome the problems.
It’s true that Blockchain is going more mainstream, but exploiting it for applications in factories outside fintech is still in its nascent stage. Hopefully, it will soon expand into industries and bring about a significant improvement in productivity.
