Findings for blockchain to be implemented for both discrete and process manufacturing. Includes spend projections, and use cases, for verifying origin and authenticity of a product, asset management, trade finance and regulatory compliance, and more for better supply chain management according to IDC Customer Insights and Analysis Group 2018, Gartner, and Oppenheimer & Co.
Blockchain hype cycle and worldwide spending estimates
Discrete manufacturing, process manufacturing
Asset/goods management – Monitor the movement of assets or goods, creating a full track and trace system or registry; creating a digital paper trail of the movement of goods; includes monitoring the movement of merchandise, goods, and materials and registering each leg of a trip or movement throughout the supply/value chain or manufacturing process.
Cross-border payments and settlements – Tracking, tracing, and managing cross-border/international payments and settlements; creates alternate payment and settlement “rails” built for immediate payment and settlement. Several companies are pursuing this solution approach using the Ethereum Blockchain or a Hyperledger ledger system. One company pursuing the former approach is DocuSign but its worth noting Venture Outsource and DocuSign engaged discussion for such a solution yet the Company failed to execute several times.
Digging deeper into immediate payments and settlements, talking with a Silicon Valley lead engineer building decentralized blockchain applications on Ethereum and IPFS (InterPlanetary File System), a protocol and network designed to create a content-addressable, peer-to-peer method of storing and sharing hypermedia in a distributed file system, she said, “capability has not caught up with the marketing hype.”
Adding to this, from a reputable artificial intelligence scientist employed in management and also based in Silicon Valley – with peer reviewed journals, conference papers and patents to his name — “I haven’t heard about any vendors offering Blockchain-based services. I know some that are researching and building prototypes but nothing practical out there that I’m aware of.”
Equipment and service/parts management – Collecting/maintaining inspection and maintenance information of equipment involved in general operations and/or goods production or distribution; includes tracking equipment that is used within the manufacturing process or supply/value chain and monitoring product parts and services that were performed.
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Lot lineage/provenance – Verify origin and authenticity of a product as it moves throughout the value chain; captures information about all inputs of a product, enabling accurate visibility and traceability into the history of a product; includes product and brand counterfeit/fraud detection, reduction and prevention, and maintaining records to assist in quality control; and can include environmental impacts on the product such as storage container conditions as the product is transported.
Regulatory compliance – Assist in maintaining records for regulatory compliance and checks.
Trade finance and post-trade/transaction settlements – Provide a record of transactions in payments between parties involved in the transaction; in addition, facilitate the movement or flow of trade receivables and provide trade delivery and payment confirmation; and can include banks, financial institution, brokers, suppliers, manufacturers, retailers, wholesalers, and others involved in the transaction.
Warranty claims – Track, maintain, and validate virtual warranties and warranty claims.
Others – Includes all other blockchain use cases in discrete manufacturing and process manufacturing not elsewhere classified.
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