Blockchain has already disrupted business processes in the financial sector, and is poised to impact companies across industries. Because the technology can provide an immutable digital record of contractual interactions and transactions across an ecosystem, we believe that manufacturing is likely next in line.
As manufacturers move toward a shared and distributed model, business leaders can consider four questions when evaluating their readiness:
- Where in the value chain, internally and externally, are we paying the highest “trust tax” in terms of excess cost, effort or lack of agility?
- How would the availability of a digital product memory drive value for our company, our customers and our business partners?
- Which types of partners, in what geographies and with what expertise, could we work with if transaction costs and efforts were lower?
- Which information assets (e.g., manufacturing, maintenance, operational and usage data) about our products could we monetize if there were a secure way to do so?
Read the full blogpost at digitally.cognizant.com