With the introduction of the Fourth Industrial Revolution, the industry has changed since 2010. The parts manufacturing industry is now leveraging intelligent automation and robust data management systems to increase profitability.
Modern technologies like smart contracts and blockchain-based data management systems have taken over the parts manufacturing industry. Be it securing B2B and B2C communication, or streamlining the supply-chain management, SevenBits offers a wide stack of solutions to cater to all complex challenges.
Blockchain technology is lately getting implemented in the manufacturing industry and we at SevenBits are helping companies to grow. With our robust solutions, many automotive companies are able to monitor and manage their internal operations efficiently.
Retailers and wholesalers are now leveraging custom blockchain databases to manage their business-sensitive data in a decentralized way. Blockchain technology is gaining traction across a number of areas of parts manufacturing.
Blockchain for the Automotive parts industry
Blockchain has brought a significant change in the parts manufacturing industry as it’s robust, secure, and fast to operate and scale business. To give you a perspective of blockchain security in the parts industry— the users or network nodes can access only their copies of the same ledger. This architecture makes it impossible for an unauthorized party to alter the business data.
The blockchain transactions are simply a representation of a change in the state of a data point in the chain and they are not necessarily financial transactions. Whenever a user initiates a transaction, other nodes are asked for permission to approve the update. This complete implementation of peer-to-peer communication and data management systems is helping parts companies to operate with higher efficiency.
How Blockchain Technology is Beneficial for Parts Manufacturing Companies
- Blockchain is beneficial in many aspects but first and foremost is trust. As the network validates every transaction, the blockchain holds a single and updated version. Every participant has the same copy and can trust it.
- Once updated, the ledger can't be altered as it is highly secured by cryptographic signatures and automated verification. External parties cannot delete or update data thus making it more secure. Network nodes may amend the data but cannot append the ledger.
- The network nodes effortlessly set up a wide variety of agreements and contracts that are self-executing and hence the whole process gets automated. Any contract like measuring performance or timely delivery of goods can be triggered automatically.
Blockchain Application in Manufacturing Industry
Companies are already shifting towards blockchain as it is efficient in processing transactions. Blockchain can also be used to solve data security problems and enhance the overall efficiency of the system. With Blockchain, manufacturing units can accurately trace and track a product which turns a manual process into an automated functionality of the system.
Blockchain technology has influenced manufacturing and today from sourcing to delivering, industries have opted for the technology at each step. Blockchain increases transparency and trust and addresses the following:
- Greater transparency by supply chain monitoring
- Quality Assurance
- Design of complex products
- Real-time asset tracking
Manufacturing companies can aggregate all of the above information through blockchain. Blockchain solutions can also help in opening the potential of other technologies.
Blockchain and its importance in Parts Manufacturing Industry
Blockchain applications enhance track and trace and secure business-sensitive data. Manufacturing companies can use blockchain to interchange and exchange data easily and securely with supply chains. A single verification token is accessed by all the network nodes as blockchain provides a permanent record of parts and products. If the supply chain has multiple participants, this attribute plays an important role in developing trust among participants.
Companies can seamlessly enhance value for customers by using blockchain applications. Today, companies are not able to provide complete transparency and documentation to customers in absence of blockchain.
Blockchain helps customers to track and trace inbound parts and supply chain. It also helps in creating quality checks to process the production of data. It also reduces the need for audits by OEM to verify quality. Smart contracts can ensure authenticity as parties gain full transparency of all the documents.
With SevenBits’ blockchain-based applications, companies can leverage an automatic process of payments and execution.
Our blockchain applications are capable of offering high transparency and privacy across all the touchpoints. Grow your automotive parts business securely by utilizing our custom blockchain-based services. Get in touch with us at firstname.lastname@example.org to explore more growth possibilities.