Blockchain technology use cases in manufacturing

JavaScript is disabled for your browser. Some features of this site may not work without it. Master thesis. Utgivelsesdato Sammendrag Blockchain technology first reached popularity through cryptocurrencies such as Bitcoin in [3]. The concept attracted users with anonymity, high levels of security, no trust-tax and international peer to peer trading of currency [4].

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Content:

• Blockchain technology: Is it ready for prime time?
• Blockchain in Manufacturing: Better Automation and Traceability on the Horizon
• How can Blockchain Benefits the Automotive Manufacturing companies?
• Blockchain Technology Applications & Use Cases
• Top 5 use cases of Blockchain in the supply chain in 2021
• A network of nodes

WATCH RELATED VIDEO: Using Blockchain Technology To Manage Supply Chains: How Smart Contracts Can Transform Supply Chains

Blockchain technology: Is it ready for prime time?

The future of blockchain is near and banking isn't the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.

Industries from insurance to gaming to cannabis are seeing blockchain applications. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchains operate through a decentralized platform requiring no central supervision, making them resistant to fraud.

Download our free report to get all the trends. Here are the latest innovative ways companies are harnessing the power of blockchain. Blockchain and banking are just the beginning. From a macro perspective, banks serve as the critical storehouses and transfer hubs of value.

As digitized, secure, and tamper-proof ledgers, blockchains could serve the same function, injecting enhanced accuracy and information sharing into the financial services ecosystem. Credit Suisse , for example, partnered with New York-based startup Paxos to use blockchain tech to settle US stock trades in March Meanwhile, JPMorgan Chase has entered the blockchain space with the JPM Coin, which it intends to use to facilitate transactions between institutional accounts.

Other banks like Goldman Sachs and Citigroup have also experimented with blockchain. However, blockchain technology offers a secure and cheap way of sending payments that cuts down on the need for verification from third parties and beats processing times for traditional bank transfers.

Blockchain company Ripple has partnered with over customers, including financial institutions like Santander and Western Union , with the goal of improving the efficiency of cross-border payments.

Its xCurrent product provides banks with a two-way communication protocol that permits real-time messaging and settlement. For more on how banks will use blockchain — for everything from trade finance to customer KYC and fraud prevention — read our explainer here. For years companies have worked to ease the process of buying, selling, and trading stocks, and now new blockchain-focused startups are looking to automate and secure the process more efficiently than any past solution.

The tZERO platform integrates cryptographically secure distributed ledgers with existing trading processes to reduce settlement time and costs and increase transparency and auditability. Partnerships with existing trading networks and exchanges will help blockchain take off in the space. Meanwhile, Numerai is taking the hedge fund model — employing a bunch of traders and quants — and decentralizing it.

Then, Numerai takes the strategy and creates a meta-model to make trades. In October , Numerai announced a new project, called Numerai Signals, that will accept signals from models trained on any dataset, not just its own.

Initial Coin Offerings ICOs , in which companies sell cryptocurrency-backed tokens in their companies in the same manner as a publicly traded company sells stock, are another example of blockchain-powered crowdfunding. Companies like CoinList , which began as a collaboration between Protocol Labs and AngelList, are bringing digital assets to the mainstream by helping blockchain companies structure legal and compliant ICOs. As projects reach target funding, money is transferred to a secure escrow wallet that unlocks funds gradually.

Backers can see how the money they invested is being spent and can provide input about the direction of the project, e. One way blockchain reduces conventional cybersecurity risk is by simply removing the need for human intermediaries — thus lessening the threat of hacking, corruption, or human error.

Ironically, some of the most successful blockchain companies are fairly centralized middlemen. Enigma is the developer of Catalyst, an off-chain decentralized exchange and investment platform that works without the need of a third party to act as a clearinghouse.

Centralized exchanges like Binance and Coinbase have made moves in the decentralized exchange space, launching Binance DEX in and acquiring the peer-to-peer trading platform Paradex in , respectively.

Wills are a highly specific kind of contract, providing an ideal use case for a blockchain smart contracts solution. While the application of blockchain tech would not completely remove these challenges, it would make it easier to identify factual information, provide verifiable transaction data, and dismiss claims that are without merit.

As the banking industry continues to adapt to cryptocurrencies and blockchain technology, accountants are beginning to follow suit. Accountants work with a spread of documents — from tax forms to bank statements to spreadsheets — containing extensive personal or organizational information. Layering in blockchain technology could make it easier to keep track of this sensitive data as it is processed by accounting firms. Data tracking enabled by blockchain technology may also help to automate certain accounting services using AI, which could reduce human error and instances of fraud.

Traditional banks and lenders underwrite loans based on a system of credit reporting. This centralized system can be hostile to consumers. Further, concentrating this sensitive information within 3 institutions creates a lot of vulnerability. The September Equifax hack exposed the credit information of nearly M Americans. Alternative lending using blockchain technology offers a cheaper, more efficient, and more secure way of making personal loans to a broader pool of consumers.

With a cryptographically secure, decentralized registry of historical payments, consumers could apply for loans based on a global credit score. A number of companies are working in this space.

Dharma Labs , for example, is a protocol for tokenized debt. It aims to provide developers with the tools and standards necessary for building online debt marketplaces. Meanwhile, Bloom wants to bring credit scoring to blockchain and is building a protocol for managing identity, risk, and credit scoring using blockchain technology.

Most blockchain applications in the insurance industry today are focused on improving operational efficiency. Rather than developing new products, insurance companies are looking at ways blockchain can drive down costs, increase speed to market, and provide better customer experiences.

For example, using a blockchain to create a single source of truth for transactions between parties has the potential to significantly drive down processing time and costs for insurance companies. Many insurance blockchain initiatives include cross-border partnerships or deal with cross-border transactions, leveraging the immutability and version control aspects of blockchain tech.

Insurwave , a joint project between consulting firm EY and blockchain company Guardtime , delivers a blockchain platform aimed at marine insurance. Clients can read more about 12 blockchain pilots in insurance here. Recording physical assets — like auto parts — on a blockchain is a prime example of where the technology might come in handy to track ownership with a tamper-proof, neutral, and resilient system.

Blockchains could be used to track parts in a supply chain and weed out those that are counterfeit. The tech also has major implications for automotive recalls, of which there were 13M in just the first half of With a record of where parts have gone, from the supplier to the individual vehicle, blockchain could enable targeted recalls.

In another example, Daimler has partnered with Singapore-based Ocean Protocol , a decentralized data exchange, to explore how blockchain could be used to share supply chain data among its manufacturing hubs and partners. The experience of leasing, buying, or selling a vehicle is a notoriously fragmented process for stakeholders on all sides of a transaction, but blockchain could change that. Today, companies like Estonia-based carVertical are deploying blockchain tech to more reliably track car histories for users looking to buy a used car.

CarVertical logs data on vehicles from a variety of sources, including leasing and insurance history, in a single ledger. Ride-hailing apps like Uber and Lyft represent the opposite of decentralization since they essentially operate as dispatching hubs and use algorithms to control their fleets of drivers and dictate what they charge. Blockchain could inject new options into that dynamic: with a distributed ledger, drivers and riders could create a more user-driven, value-oriented marketplace.

Arcade City , for example, facilitates all transactions through a blockchain system. Arcade City operates similarly to other ride-hailing companies but allows drivers to establish their rates taking a percentage of rider fares with the blockchain logging all interactions. This allows Arcade City to appeal to professional drivers, who would rather build up their own transportation businesses than be controlled from a corporate headquarters: drivers on Arcade City are free to set their own rates, build their own recurring customer base, and offer additional services like deliveries or roadside assistance.

Arcade City announced in January it would make its code open-source to enable more peer-to-peer commerce. Another blockchain-based ridesharing app is Drife.

The startup currently operates in Bangalore and is planning to launch in more cities across India. Instead of paying a fee on every fare, Drife drivers pay an annual fee to use the app. And while many of the other industries discussed involve public records, private blockchain networks offer their own possibilities. The Blockchain in Transport Alliance BiTA has been formed to develop industry standards and educate its network of members. Blockchain can improve transactions, shipment tracking, and fleet management, as well as protect assets and increase fleet efficiency.

It can help track contamination in food, for example, by tracking a truck that carries ingredients and noting if safe storage conditions were maintained during any delays. Additionally, it can help optimize routes by matching truckers and items to be delivered with trucks in a certain region. But for a decentralized ledger to work in this industry, there needs to be buy-in from every side: small and large businesses, last-mile shippers, and mega trucking companies.

Blockchain technology has the potential to streamline parts inventory and authentication, personnel certification tracking, and more. GoDirect Trade a unit of Honeywell Aerospace , for example, is an aerospace parts marketplace using blockchain to list parts for resale. Its ledger stores maintenance and manufacturing histories for each of its 25, parts in one location.

Meanwhile, to comply with NATO standards, France-based aerospace and defense contractor Thales Group is deploying blockchain at one of its new manufacturing sites to trace the naval equipment and other parts fabricated at the facility. Countries like Russia and the US are also making moves with blockchain. Think of the data that goes into booking a flight: names, birthdays, credit card numbers, immigration details, destinations, and sometimes even hotel or rental car information, depending on how flights are booked.

Transforming a material ticket into a digital token provides a new layer of security. Using a smart contract as part of the ticket token can help airlines control the sale and use of tickets to provide verified experiences for customers. It can also be used to create more accurate logs of aircraft maintenance, prevent overbooking, and more.

For example, Russia-based S7 Airlines deploys a private, Ethereum-based blockchain and smart contracts to issue and sell tickets. Airline loyalty is another area where blockchain is already being executed.

This program rewards frequent fliers instantly and lets them securely use their points on a variety of purchases, not just additional flights. Blockchain technology can help cut out the middlemen, encouraging direct provider-to-consumer interaction and reducing costs.

A number of companies are leveraging blockchain tech to allow any device to securely connect, interact, and transact independently of a central authority. With ADEPT, a blockchain would serve as a public ledger for a massive amount of devices, which would no longer need a central hub to mediate communication between them. Without a central control system to identify one another, the devices would be able to communicate with one another autonomously to manage software updates, bugs, or energy management.

More recently, companies like Helium and NetObjex have launched blockchain-based networks for IoT devices in internet infrastructure and smart city transportation, respectively. Others are focused on IoT network security.

As critical infrastructure like power plants and transportation all become equipped with connected sensors, there are privacy and security risks. Consequently, parts and products are easier to share and track — leading to smarter digital supply networks and supply chains.

Using blockchain to support these evolving infrastructures can eliminate security vulnerabilities, protect intellectual property from theft, and streamline project management, ultimately helping the 3D printing and additive manufacturing sectors to grow and scale.

The blockchain-based platform registers and tracks 3D-printed parts for a more secure and tamper-proof record. Construction is a highly regulated industry that employs a wide variety of tradespeople for often complex projects.

Blockchain in Manufacturing: Better Automation and Traceability on the Horizon

Blockchain has been one of the most-hyped technologies of the last decade. But as long the blockchain tendency is catching the eye at first reading, some challenges and limitations float, which could not only impact its rapid development, they may also affect the business, the production and the efficiency of the manufacturing processes at all. Similar to the other technologies, blockchain is not created to replace the existing systems — it has to work with them without increasing the complexity of the processes. That exactly interoperability is one of the challenges in front the blockchain technology.

How can Blockchain Benefits the Automotive Manufacturing companies?

This white paper explores how distributed ledgers will serve as open platforms for strategy delivery in the fourth industrial revolution. Download Report This white paper, brought to you by the Brightline Initiative and the Blockchain Research Institute, explores how distributed ledgers will serve as open platforms for strategy delivery in the fourth industrial revolution. Blockchain technology will support strategies that integrate additive manufacturing, augmented reality, artificial intelligence, the Internet of Things, and big data analytics across supply chains, from design and sourcing to delivery and usage. Idea in Brief As organizations start to embrace manufacturing 4. What is missing is a common and trusted platform that facilitates relationships between companies of different sizes across the value chain to build harmonized applications on an ecosystem level. Breaking informational silos, blockchain facilitates the transparent, secure, and controlled exchange of data across organizational boundaries. It could thereby serve as a trusted industry-wide platform for collaborative value-creation activities to orchestrate and manage local or geographically dispersed manufacturing activities.

Blockchain Technology Applications & Use Cases

Blockchain technology has the potential to utterly transform supply chains, streamline processes, and improve the whole of security. Manufacturers across the globe face challenges with forecasting demand, controlling inventory, and accelerating digital transformation to cater to the challenges of changing market dynamics and evolving customer expectations. Hence, blockchain should be seen as an investment in future-readiness and customer-centricity, not as an experimental technology. Utilizing Blockchain Technologies in Manufacturing and Logistics Management explores the strengths of blockchain adaptation in manufacturing industries and logistics management, which include product traceability, supply chain transparency, compliance monitoring, and auditability, and also examines the current open issues and future research trends of blockchain. Leveraging blockchain technology into a manufacturing enterprise can enhance its security and reduce the rates of systematic failures.

Top 5 use cases of Blockchain in the supply chain in 2021

Official websites use. Share sensitive information only on official, secure websites. Blockchain, a distributed ledger solution, has gained a lot of interest over the past few years. Inspired by the success of blockchain-based cryptocurrencies, financial institutions have led growth of the technology. Other communities, however, are struggling to emulate that success within their domains of expertise. Immaturity of the technology itself, the lack of peer-reviewed resources, and the absence of domain-specific professional working groups are among barriers to a wider adoption of the blockchain technology by non-financial communities.

A network of nodes

Blockchain technology has the potential to dramatically change the way we live and operate. It can give us insights into the origin and quality of things like the food we buy or eat, provide greater control over our healthcare and wellbeing, secure our financial transactions, and conduct businesses with greater efficiency and less risk. In the future, blockchain technology is expected to provide the modern infrastructure required to build cutting-edge business applications. Industries ranging from financial services, healthcare to retail have started adopting blockchain. In the last couple of years, blockchain has expanded its prospects and gone far ahead of crypto-currencies. Here are some ways in which businesses can leverage the best out of this technology:.

Penfolds has become the first winemaker to partner with BlockBar, a leading non-fungible token NFT marketplace for luxury wine and spirits products, which is based on a secure blockchain that guarantees purchasers a historical record of numbered bottles from a numbered barrel of wine. Photo courtesy of Penfolds. During the past couple of years, blockchain technology has become easier to implement for even small- and medium-size participants, thanks to large suppliers like IBM providing specific application-based blockchain technology IBM Food Trust and Amazon Web Services providing backbone networking architectures. In addition, smaller blockchain providers now have dedicated applications that can trace food not only to the farm and field in which it originated, but the very seed as well, while also providing complete supply chain visibility for all participants, including consumers.

The CK Birla Group. Automotive Banking High Tech Manufacturing. Three blockchain use cases that will accelerate Industry 4. Manufacturing 6 min READ. This article was originally published in CIOL. In the era of the fourth industrial revolution which has seen the proliferation of next-generation technologies such as industrial internet of things IIoT , predictive analytics and smart automation, traditional manufacturers are faced with a daunting choice — to become digitally mature and metamorphose or become a victim of widespread digital disruption.

How blockchain can transform the manufacturing industry. Blockchain technologies have the potential to radically change the face of manufacturing, according to Syncron. Blockchain, most commonly associated with cryptocurrencies such as Bitcoin, is a digital ledger technology which can be used to store and record transactions. As records along the chain are stored and distributed across nodes in the network, it is very difficult to falsify records, making the blockchain a more secure and transparent way to record transactions and service records. This, in turn, gives blockchain applications outside of cryptocurrency exchanges. The enterprise is exploring ways to utilize blockchain technologies in everything from finance to manufacturing. IBM Blockchain is available to refine the supply chain and improve identity and data management, Blockchain Foundry focuses on blockchain-based services for prototypes and production in manufacturing applications, BigchainDB offers scalable blockchain services and Chain touts a blockchain platform for financial services, among others.

The future of blockchain is near and banking isn't the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.