Blockchain Basics: What Manufacturers Need to Know – Irish Tech News
There has been a lot of interest shown in blockchain for supply chain and blockchain for manufacturing in particular in recent months and even at Consensus. Since SyncFab has been focused on this space since as early as 2013 we decided to dedicate a series to the subject of Industry 4.0 and Blockchain for Supply Chain and manufacturers to describe what we are working on. This is the first in the series.
Big data, the internet of Things (IoT) or Industrial IoT (IIoT), smart factories, artificial intelligence (AI). And now, blockchain. For small and medium-sized manufacturing companies, precision parts suppliers, CNC shops, and entrepreneurs, processing and evaluating new technologies can be an overwhelming situation that results in a slowing down, not speeding up, of an operation.
The blockchain is a distributed ledger technology (DLT) that records and verifies transactions in a permanent, digital record that makes it both secure and transparent. While it is the platform created to buy, sell, and store cryptocurrency, like Bitcoin, it can be applied to track any transaction or asset.