Emerging Technology Accelerates Operations Within The Manufacturing Sector

Manufacturing companies are often faced with a unique set of IT challenges. When addressing these challenges, there are real, physical ramifications that can impact their business.

Tried and true manual approaches have worked in the past, but in today's world, cracks have begun to show and in order for manufacturers to thrive in increasingly competitive spaces, their tech must be strategic and prove to be secure, useful, and trustworthy. This has been a challenge for this sector because the increasing rate of change in technology makes it hard to keep up.

With that being said, emerging tech is on the rise in manufacturing. According to an Internet of Things Survey, manufacturers are optimistic about IoT with 93% believing its benefits exceed its risks. In fact, 68% plan to increase their investment over the next two years.

Manufacturers need to know that if they haven't already implemented IoT, they're already behind their competitors — 81% of manufacturers have applied IoT to increase operational efficiency and almost two-thirds plan to increase their IoT investment over the next two years. The main use cases are in logistics (50%), supply chain (47%), employee and customer experience (46%), and predictive maintenance (41%). Despite the growing confidence in IoT, there are concerns that pose a challenge to it’s full-scale development and integration. Insufficient data protection has become the most significant challenge of IoT applications due to compromised devices being used to access confidential data. However, blockchain technology can help overcome such a problem. Blockchain’s decentralized digital ledger of transactions records data in a way that prevents hacking and altering of data. It does this by duplicating transactions and dispersing them to nodes across the network. IoT with blockchain technology can reshape the manufacturing world in a number of ways and alleviate major pain points.

Investing in blockchain technology can take processes that are already being undertaken and make them more efficient. It can also improve processes such as:

• Supply chain monitoring
• Counterfeit detection
• Consumer transparency
• Intellectual property management
• Asset tracking and monitoring
• Inventory management
• Quality control
• Regulatory compliance

Despite the optimistic outlook for manufacturing, many enterprises are not equipped to compete in such a quickly evolving tech marketplace and dont have the capabilities to connect with suppliers that are already implementing blockchain solutions.

No matter what size company you have, introducing new technology into your operation can be a challenge. The BlockSpaces platform alleviates such challenges and supports manufacturers with their adoption of the technology. Our platform lives beneath the application layer of the blockchain technology stack and hides the complexities associated with integration. Our workflow automation platform utilizes a library of pre-built integrations to connect everyday business applications with multiple blockchain networks to provide data visibility and efficiencies beyond individual, disparate systems and information silos.

Blockchain is being used to revolutionize business functions which will evolve the manufacturing sector as we know it. BlockSpaces is prepared to assist and be the technology accelerator for manufacturers.

If you are in the manufacturing sector, we are interested in hearing some of the challenges you may be facing and would welcome the opportunity to have a conversation on how BlockSpaces can address these challenges.

Please reach out to our team info@blockspaces.io