The future of Manufacturing
Due to the Ledger Technology’s decentralized network and innate immutability provided by the fact that no single party owns the data, makes it the ideal technology for improving manufacturing processes.
What are the common challenges and how can Ikarus resolve them?
Guaranteeing the origin of Materials
Counterfeiting and supply chain fraud are one of the major problems that have plagued the industry for years. With these ongoing issues, manufacturers are now focusing on implementing ledger technology to make a more secure and immutable database of assets and products. Digital copies of physical assets can be created in that way, allowing physical goods to be represented on a shared digital ledger and help track them across the supply chain in real-time.
With the aid of ledger technology, manufacturers can go one step further by creating a secure network for IoT machinery, solving the issue of unreliable and bottlenecked IoT networks and databases that leave companies vulnerable to attacks and downtimes. According to data, due to the following issues manufacturers can lose as much as 20% of productivity, including up to 800 hours of downtime, resulting in millions of dollars of lost revenue.
According to studies, warranty fraud is costing the manufacturing business around $2.61 billions annually. When faced with the issue of managing fake warranty claims to replace products, it often incurs higher costs by depleting existing resources. However, through the use of digital ledger and its immutable records, businesses now can verify a product’s information, starting from the serial number up to its ownership and whether the product actually has a warranty.