The true power of any industry could be realized by economies of scale. In most industries, the fastest growing products were mass-produced and standardized in order to get the cheapest and fastest product with a consistent quality. The downside to mass-produced and standardized products is the lack of customization along with unavoidable wastage of resources due to capital intensive investment.
With vast improvements in the industrial robotics industry, multiple variants could be manufactured on a single production line with consistent quality and faster production cycle times. In the past, if there is a change in the production process, it might take months to do so and it might not be a very economical solution. Today, consumers want customized products with low prices. Meeting these demands was difficult before Industry 4.0, but with advancements in digital and robotic technologies in the new age is now possible.
The new age of Industry 4.0 brings the possibility to produce multiple customized products at the same time on the same production line. To achieve this, there is a need for robust software technology that provides secure connectivity and accessibility. Production protocols based on blockchain technology has great potential to standardize production orders with the help of cloud-networked data exchange and smart contracts, making mass customization possible for manufacturers using smart sensor technology and interconnected IoT devices.
Companies like ARXUM does that with the help of blockchain—the production protocol for the supply chain will not only give manufacturers end-to-end visibility of their production activities and supply chains, but also reduce costs and increase process speed. In the future, the mass-customized products will be produced faster than (or as fast as) today’s mass-produced products. This will generate more customer satisfaction and make ‘built-to-order’ products more economical on a global scale.