Applications of Industrial Blockchain
Industrial blockchain enables business process automation among independent entities. By sharing immutable, trusted data, industrial blockchain users reduce costs, labor, elapsed time, and errors. In some cases, industrial blockchain also improves revenue or operational performance.
ARC Advisory Group has identified and reviewed 35 industrial blockchain applications which are primarily for trade execution, supply chain traceability, trust selling, IP protection, and secure IoT communications. For each of the associated industrial blockchain consortia, a key objective was identified, and they fit into these categories (rank ordered):
· Automated document sharing to replace email, fax, etc.
· Improving supply chain visibility for recalls or reverse logistics
· Trust selling to increase revenue by identifying origin
· Secure messaging and file sharing to protect IP
· Sharing operational data to improve…