What Is Happening?
The supply chain management app has now gone live, and it’s already proving to be the ground-breaking technology everyone hoped it would be.
However, there is still more not yet released. This huge development is waiting on 3D printing, Internet of Things and other similar industries moving away from the more traditional route. Once this has happened in the not too distant future, Blockchain can really show its true potential and allow much more decentralized production. But as highlighted above, this is not possible until the manufacturing industry catches up with the times and moves forward with technology.
At the moment, businesses prefer to stay with permissioned Blockchains, which restrict the ability for Blockchain to grow and really work at its best for the industry. The age-old manufacturing process is still very much in favor as they are tried and tested and working well. At this present time, the power of Blockchain really cannot be released and its full potential reached. What is required is the re-education of many manufacturing businesses to allow them to understand and appreciate the opportunities available by moving away from the standard and outdated manufacturing processes. Technology is completely changing the world, and the manufacturing industry really needs to take hold of it.
And the future?
Those businesses that are more open to change and developing their systems to be more permissionless, are finding that they do have the edge over their competitors. By expanding the use of Blockchain and allowing more open access means that suppliers can meet their customers demands a lot quicker and easier. They can also do so with fewer resources and effort. This can only be seen as a positive.
However, this cannot be rolled out industry-wide without the much-needed improvement of technology in the industry. Payment channels and protocols need to be developed and released to support the changes. They also need to go through the extensive testing to ensure that the changeover is smooth and successful. It is also vital to ensure that these more open systems cannot allow hackers or untreated sources to access the system. Security is of course of high importance and will most certainly be a major stumbling block if it isn’t up to the necessary standards.
There are also concerns from many with this new approach, which do need to be addressed. The closure of the assembly lines that would more than likely happen with the introduction of this technology would leave many unemployed. Manufacturing will forever be changed. This will be a hard pill to swallow for many and it will take a lot of getting used to. But as highlighted above, there is an awful lot of work still required before we move to this more technological and futurist approach. There is still a long way to go but there most certainly are interesting and possibly challenging times ahead. As the world changes and industries evolve only time will tell what will happen and where technology will take us.