Claudia Jarrett, head of sales (The Americas) at EU Automation, explains some blockchain use cases within manufacturing
Blockchain can be useful within many aspects of the manufacturing sector.
A blockchain voting system recently trialed in West Virginia during the 2018 midterms, allowed the electorate to vote from anywhere with absolute security. While it seems blockchain could usher in a new level of transparency in politics, it is important we don’t get carried away. Blockchain still has its limitations. Despite this, there are some interesting applications for blockchain in manufacturing.
At the peak of its hype cycle, it seemed that blockchain and distributed ledger technology (DLT), the system that makes up blockchain, could do anything. As time has passed, the waters have cooled, and most people realize that it will be many years before blockchain reaches technological maturity. In the meantime, it will continue to offer new ways of working in a variety of manufacturing applications.
First, let’s look at definitions. A distributed ledger is a shared, decentralised network used to record the transaction of data and assets, which is then replicated to participants in the network. The crucial difference between this and, say, a bank is that there is no central administrator or storage. Instead, each participant on the network replicates, verifies and saves an identical copy of the ledger by consensus.
The blockchain guide for CTOs and tech leaders: suitability, adoption, regulation, hype and future predictions