Blockchain has the potential to disrupt business operations and redefine B2B transactions. It’s a powerful technology that can be used to secure data, increase profits, and streamline processes while providing safe transactions that eliminate the need for third-party intervention, including banks and other institutions used for verification of financials.
Integrating blockchain can provide electronics manufacturing professionals with many benefits:
Security of Data and Transactions
Blockchain ensures a secure supply chain through the unique way it constructs and stores data. The digital ledger comprises a chain of digital blocks; each tied to the one before and after. Because stored data is in a dependent chain, it’s difficult to tamper with once it’s entered to the ledger. Since blockchain is a distributed ledger, it means that there is no single, centralized source of data, so there is no single point of failure.
Additionally, secure each record with cryptographic keys – each participant can be given a private key, and each transaction attaches to a specific digital signature. If data within the chain is changed, the signature key will be removed, and changes immediately apparent to all participants.
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Transparency
Blockchain systems offer transparency and immediately view members of the distributed ledger’s holdings. The blockchain model promotes ethical and straightforward transactions by members. This transparency also enables members to track goods across the supply chain. Potential issues, such as counterfeit goods, can be immediately recognized and addressed and transactional errors are practically nonexistent.
Real-Time Updates
Since every ledger in the blockchain is identical, new transactions are immediately uploaded to all ledgers. Each participant in the chain has access to the same information, and each ledger is updated at the same moment for all parties.
Reduced Transaction Costs
Blockchain ledgers eliminate the need for third parties to manage transactions and maintain separate records, which can reduce the cost of each transaction. Further, there is no need for employees to aggregate, change, or share data, or to conduct reconciliations and settlement after trades are completed. Auditing and compliance also become easier tasks, as all transactions are logged and verified on the ledger.
Faster Transaction Speeds
At its introduction, blockchain was criticized for slow transaction speeds, requiring a large amount of computing power to process information. However, since 2009 major advancements in technology have increased processing capabilities to the point where a blockchain developed by the University of Sydney was able to beat the transaction speed of Visa, achieving 660,000 transactions per second with only 300 nodes.
With faster, cheaper transactions, and a trackable, inviolate supply chain, blockchain in the electronics industry is revolutionizing companies internal processes. Consider using a blockchain integration system, like Orbweaver Connect. The system seamlessly integrates Blockchain with your organization’s technology and acts as a universal integration and translation engine that enables manufacturers and distributors along the supply chain to securely collect and transmit data.
To learn more about Orbweaver Connect and our automation solutions for the electronics industry, request a free consultation with Orbweaver today.
Sources: https://www.businessinsider.com.au/australian-scientist-have-quietly-built-a-world-beating-super-fast-blockchain-2017-10
