What is the road ahead for blockchain in the manufacturing industry?
Blockchain has arrived and it is headed to be a technology that will have a major impact in many industries across the globe. The hype around blockchain is growing, with many technology majors experimenting with this technology for various use cases.
Blockchain has many practical use cases and new applications of the technology are continuously introduced. As per a prediction by WEF in 2015, 10% of global GDP will be stored on the blockchain after 2027. Although the majority of research projects are still focused on the technology itself and applications in the finance industry, the interest in the exploitation of blockchain technology in the manufacturing industry is gaining momentum across the globe. Several start-ups are investigating the application of blockchain for supply chain management and auditing.
There are many use cases being tested for combining blockchain technology with IoT and 3D printing to enable new and smarter manufacturing processes. This essentially defines Blockchain technology’s role in Industry 4.0 along with IoT, Artificial intelligence and other technologies.