November 1, 2018

Blockchain’s Impact on Manufacturing Is Becoming Reality

Where will the global impacts of blockchain be felt?

The answer seems to be enterprise blockchain solutions.

This is a fancy way of saying blockchain-based changes companies will make to their existing operations. New data shows that companies in every industry and in almost every country are looking at blockchain to make real improvements.

This data shows that while almost all large companies have done at least some proof-of-concept work around blockchain solutions, true adopters are rare.

So, let’s look at the reasons why so many large organizations are moving towards decentralization.

89% of companies investing in blockchain are doing so for cost-savings reasons, citing ease of asset management as a key reason for lowering costs.

Only 3% of companies, however, are using blockchain “at scale.” This means that when early adopters grow profits through blockchain-based cost savings, many more companies will rush to develop scalable blockchain solutions.  

Manufacturing is the industry currently making the most use out of blockchain, mostly for supply chain purposes. Benefits include more transparent asset tracking, and quicker payments to suppliers by avoiding third-party institutions.

As blockchain-in-business adoption increases, it’s likely that entire organizational structures will be impacted.

When one layer of an operation is improved by blockchain, any operation connected to it will change, too.

Now, we get to wait and watch the dominoes fall.


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