TECHNOLOGY - BLOCKCHAIN
76 to overcome challenging problems is clear . Blockchains can increase transparency throughout supply chains , track the identity and credentials of key personnel and allow for more seamless audit and compliance functionality . Industrial manufacturing firms are already recognised as being out front in developing the technology - with respondents in its survey ranked as the sector second among industries leading the way in blockchain .
Blockchain solutions can create value for industrial organisations in several different ways . However , it doesn ’ t mean that it is an equally tenable solution for all companies or industrial manufacturing sectors . Through focusing on four key areas in initial blockchain efforts , companies can set themselves on a path towards successful execution . In PwC ’ s report ‘ How can blockchain power industrial manufacturing ?’, the four best practices for blockchain solutions were examined .
1 . Make the business case Blockchain can be a powerful tool ; however , it ’ s not indestructible . It ’ s vital to ensure it is a strategic fit . While there ’ s a necessity to ensure different parties share and update data , blockchain solutions are particularly effective when time is short , and trust between parties is needed .
2 . Build an ecosystem Bringing together a group of stakeholders to collectively agree on a set of standards that will define the business model is one of the biggest challenges in blockchain . Participants have to decide the rules to take part , how to ensure that costs and benefits are evenly distributed and what risk and control framework can be used .
NOVEMBER 2020