The future of Manufacturing

Blockchain’s innate immutability, its decentralised infrastructure, and the fact that no one single party owns the data make blockchain the ideal technology for improving manufacturing processes.

What are the challenges and how Ikarus can resolve?

Ensuring the Provenance of Materials

Counterfeiting and supply chain fraud are issues that have plagued the industry for years. With this problem continuing to cause issues, manufacturers are focusing on blockchain solutions to create a secure and immutable database of assets or products. Digital twins of physical assets can be created, allowing physical goods to be represented on a shared digital ledger, allowing them to be tracked across the supply chain in real-time.

Machine-Led Maintenance

With the aid of blockchain, manufacturers can go one step further by creating a secure network for IoT-enabled machinery. By doing so, it solves the issue of unreliable and bottlenecked IoT networks; networks that leave manufacturers vulnerable to attacks and downtime, which is costly for them. Data shows that manufacturers can lose as much as 20% of productivity, which can include up to 800 hours of downtime, resulting in millions of dollars of lost revenue.

Warranty Fraud

Warranty fraud is costing the manufacturing business billions of dollars each year. So much so, that one study has projected this figure at around $2.61 billion every year. When companies face the issue of managing fake warranty claims to replace products they often incur more costs by depleting resources. However, through the use of blockchain, businesses can verify a product’s information whether that’s from a serial number to the ownership of it to whether the product actually has a warranty. Blockchain is needed for this as it delivers an immutable record that can’t be falsified or tampered with..