The manufacturing industry is a huge network of a lot of jobs and it comprises a large part of a nation’s economy. In this article, we are going to see how cryptocurrencies and the entire blockchain technology influence the manufacturing industry.

Where do we stand?

There has been a huge amount of work done in the fields of artificial intelligence, information technology, and financial technology. So much so that the concept of automation has welcomed the next industrial revolution and this is no exaggeration. Various new-age digital technologies are seeping into the manufacturing industry, bridging the gap between digital and physical domains.

The inception of Blockchain is in itself a grand leap towards the further development of manufacturing industries. On top of that, cryptocurrencies like Bitcoin or Dogecoin take it a notch higher by enhancing the working of these industries. With Blockchain technology, businesses have become efficient and are now able to produce better products using all the available smart technology.

Blockchain’s influence on modern manufacturing industries

Storing and using piles of data is a trend amongst modern industries. Specifically, in manufacturing industries, the potential for making use of blockchain is limitless. Let us first see how any basic manufacturing firm works and how blockchain comes into the picture. Subsequently, we shall see how it resembles the functioning of blockchain technology itself.

• It is a complex process that involves the coming together of thousands of independent components to finally make the finished product.
• Since there are many components involved, loss of data or at times, theft is rather a bugging issue.
• Once the initial work is done, the topic of ownership, legitimacy of data, and working of the product come one after another.
• Blockchain can identify all these issues and work on them so that extra time-consuming labor and further complication of things can be bypassed.

If one has followed till here, they would understand right away that manufacturing industries have a sequential trait. Along with that, it is filled with many big and small components that do their job. Cut to blockchain technology, it is a decentralized system that takes the form of a niche-like network and functions with the help of numerous nodes which verify data. So quite naturally, blockchain is a good influence on manufacturing industries as far as its pros are concerned.

The job that it does

Blockchain performs varied tasks that are often both necessary and fruitful for big industries. They are as follows:

• Monitoring the entire supply chain for increased clarity of operations
• Detecting fraud or fake elements involved in manufacturing
• Managing identity of both goods and their traders
• Tracking all assets that are involved in industrial manufacturing
• Reassuring quality
• Detecting and maintaining important regulations.

The role of cryptocurrencies

If you have been an active trader of cryptocurrencies then you are probably already aware of various apps like btqapp.io that are used to trade coins. But cryptocurrencies are not only limited to online trading software. With the expansion of their adoption, cryptocurrencies are directly entering the market of manufacturing industries. This means, along with the parent company who will buy raw materials from traders using crypto, you can even use it to get the finished product.

2. Industries that have already shifted to blockchain

Aviation

Building an airplane is massive work and most of it is done and controlled using blockchain technology. Some companies are also accepting payments in crypto from passengers.

Automobile

Starting from gathering raw materials to tracking and tracing where a finished product is going, the automobile industry is another big game for both blockchain and cryptocurrencies.

Conclusion

Blockchain technology has several benefits starting from ensuring better transparency, security, and traceability to maintaining reduced costs and increased efficiency. Hence, it is natural that it would help manufacturing industries to shine. But at the same time, we must be patient enough to look out for how the entire state of affairs unfolds in the future.