Industrial Sectors Are Using Blockchain Technology
As time goes by more and more industries are using blockchain to improve their business processes.
Forbes article written by Artem Popov – Forbes Councils Member “discusses the areas where distributed computing technology is being used and the benefits it offers.“
“Digital technologies are gradually entering all areas of our lives. The industrial sectors are no exception, and they are being digitalized very quickly. According to the forecast from Huawei, conducted with Oxford Economics, digitalization will reach 24.3% of global GDP by 2025, which is about $23 trillion.“
Some of the areas where blockchain is proving to be increasingly useful are:
The Oil And Gas And Energy Sectors
Blockchain in the energy sector allows users to monitor transactions, control output and verify the origin of certificates.There is a blockchain-based trading project with participants such as BP, Shell, and Statoil, as well as Gunvor, Koch Supply & Trading and Mercuria commercial enterprises and, from banking, ABN Amro, ING, and Societe Generale. They developed a digital platform for managing transactions in the energy market.
The Auto Industry
Blockchain in the automotive industry is seen as a tool for the storage and transmission of data by smart cars. In addition, the technology can be used to store data about specific cars in various registries. Blockchain will not allow for the falsification of data about a car. For example, after a vehicle is put on the market, all data about it, including information about service and repairs, will be stored using blockchain. As a result, the owner of a car will be able, at any time, to check the number of repairs it has undergone, accident data and other information.
Consumer Goods Manufacturing
Blockchain technology makes it possible to track the entire path of manufactured goods, from the shipping facilities at a factory to customers in stores. Due to the fact that blockchain is completely transparent, it makes it possible to coordinate transaction details among all participants in the production chain.
One example of this is the tracking of counterfeit spare parts. In appearance, it is often difficult to distinguish these spares from the original ones. The percentage of low-quality spare parts among all after-market parts is quite high, and many of them quickly fail, which damages the reputation of dealers and car manufacturers alike. Using blockchain, an identifier can be created for each part that permits the tracking of the entire path of the spare part from the manufacturer to the client.
We are sure that as time goes one there will be more and more industries using all the benefits that blockchain has to offer.