Utilising financial blockchain technologies in advanced manufacturing

Abstract

In this paper, blockchain is explored from the perspective of what can been learnt from research conducted in financial markets. It is concluded that the digital aspirations of what has come to be termed “Industry 4.0” could be enhanced by the application of blockchains in advanced manufacturing. Our core finding is that blockchain can be used to provide advanced manufacturers with secure ownership verification, parts and order validation. We have learnt from financial applications that blockchain can offer a robust and resilient method of record history indexing that can be distributed and stored over the internet. We advise, however, that It is not as scalable a storage tool, as is widely perceived. Stored information must be carefully considered by manufacturers. We suggest that it is its data management capabilities that make it useful in the advanced manufacturing.