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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
For years, discussions about blockchain centered on cryptocurrencies, such as Bitcoin. However, alternative payment methods have struggled to gain traction among mainstream consumers due to lingering mysteries surrounding the underlying technology.
Within the business community, the benefits and advantages of blockchain's shared ledger concept are clearer. As a result, the deployment of blockchain in manufacturing has grown steadily. From supply chain oversight to enhanced collaborations, blockchain applications can offer great value to your business.
The foundation of blockchain technology is its network of users, building a shared, common record of information—the chain referred to in the technology's name—in chunks or blocks. The individuals within the network participate in the blockchain by creating new entries and confirming other entries within the digital ledger, which is constantly distributed across the network.
Through this jointly maintained record, to which access is limited, users benefit from:
Also, because it's built on shared information and data that can't be altered, blockchain cuts down on potential fraud. This helps build and reinforce trust between partners.
Blockchain provides increased transparency and accountability for every member of the network. For example, once you enter a block in the ledger, it can't be modified. Any change must be made through a new entry, and both entries are stored in the blockchain, which anyone across the network can access.
For this reason, blockchain in manufacturing can have incredible implications for your supply chain. Every step that a material or product makes is recorded on the digital ledger and monitored by all parties involved.
Meanwhile, smart contracts tap this robust track-and-trace system to streamline chain of custody matters, certifications, ownership transfers, intellectual property oversight and the payment process. For the latter, the legal agreements are programmed into the blockchain. That means a product delivery confirmation can automatically activate the payment process, bypassing the traditional, resource consuming approval process. And when the payments pass through blockchain as well, you see minimal transaction costs. That's because monetary exchanges are made directly between your business and the vendors, suppliers or customers.
Once the end product is in your customer's hands, the extensive digital trail allows you to track the history of all its components. This can help minimize any fallout should in the event of a recall.
The decision to adopt blockchain isn't one to make on a whim at a weekly managers meeting. It represents a significant commitment that involves investing in up-to-date technology and infrastructure systems, as well as reworking legacy processes and procedures.
Blockchain in manufacturing applications, however, has proven valuable in several ways. This technology can be tailored to help your organization:
It's important to plan for your business's future and embrace business technologies to help you succeed. Utilizing blockchain in your plants can increase efficiency, boost security and enhance profitability.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
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