Blockchain’s greatest potential to deliver business value is in manufacturing.
Automate Trust with Blockchain Technology
Blockchain technology can store each transaction across a supply chain on a secure distributed ledger. Each party can check a single shared audit trail and be confident that every record is legitimate, which can also help your business to prepare for regulatory compliance audits.
Smart Contracts can even automate events - like sending payment when it’s confirmed that goods have arrived and passed inspection.
Mitigate Expensive Product Recalls
A blockchain-enabled supply chain can track every component, so any recall exercise can precisely identify the faulty components and ensure they’re swiftly recalled, without the need for collateral damage.
Better yet, IIoT (Industrial Internet of Things) sensor data can be stored on a blockchain to identify spoiled goods before they exit a supply chain - which can mitigate product recalls altogether.
Supply Chain Data Risk Management Security
Blockchain sets new standards in digital security and establishes a single source of truth. Disagreements are eliminated, as each transaction is secured in a transparent, immutable audit trail that’s available to each party. Parts ID tokenization can be used to enhance quality control, version checking, inventory forecasting, and counterfeit prevention.
Synchronize Documentation and Parts with Suppliers
Paperwork causes headaches. Specifications can be lost or outdated, which leads to wastage and expensive delays. Instead, simply connect suppliers to your documentation and parts library, stored on a blockchain. You’ll gain assurance that the latest version of each part has been produced, and in accordance with PPAP, QMS, and ITAR/ISO compliance standards.