As the effects of digital transformation permeate all functions of an enterprise, the modern manufacturing function is increasingly driven by digital data that must be secured across the entire supply chain. Is blockchain the answer?
In the decade since Satoshi Nakamoto published his famous bitcoin paper, applications for blockchain technology have exploded. These applications, from cryptocurrencies to medical record-keeping, span a myriad of businesses across commercial and government sectors. Many of these innovative use-cases tout security as a key advantage provided by blockchain.
How about digital manufacturing? Can blockchain help manufacturers track the digital flow of parts and prevent counterfeits while ensuring that maliciously modified, substandard, or uncertified parts cannot be placed into service?
According to a Gartner report:
“ 90% of blockchain-based supply-chain projects are failing “due to a combination of technology immaturity, lack of standards, overly ambitious scope, and a misunderstanding of how blockchain could, or should, actually help the supply chain.”
So, what’s going on here? How is it that a technology offering decentralization, immutability, security, and transparency is not living up to expectations?
To shed some light on the matter, Identify3D has just published a white paper, in which we:
- Explore how blockchain can indeed benefit the manufacturing and supply-chain industries;
- Assess the principle benefits blockchain offers (and identify where it falls short);
- Propose an approach that complements blockchain and can help manufacturers achieve specific business objectives.
The new white paper, titled “Assessing Blockchain for Security in Manufacturing Supply Chains” is now available for download. If you’re responsible for defining secure management and transfer of manufacturing assets, we think you’ll find it very helpful!