Manufacturing Magazine November 2020 | Page 81

on safety .” However , Waterhouse understands that it will take time for the introduction of blockchain to be felt widespread . “ In construction , there is a move towards ‘ the golden thread of information ‘, and this includes a requirement for unique identifiers for every construction product and its associated literature . The aim is that building standards will improve and errors from incorrect product specification or shoddy work will be stamped out . The blockchain could well be instrumental in improving information auditing and accountability .”

“ Being clear , this is not going to happen immediately . There are real barriers , such as the maturity of the systems , along with understanding , and the willingness to adopt .”

1 . Enhancing track and trace Companies can leverage blockchain to exchange data more easily , accurately and securely within complex supply chains . It can offer a permanent digital record of materials , parts and products , which allows for the promotion of end-to-end visibility and provides a single source of truth to all participants . These benefits are important if the supply chain includes several participants with independent IT systems or if there is a lack of trust among participants or necessity to onboard new participants .

2 . Protecting and monetising critical intellectual property Organisations across manufacturing industries face a reliance to protect IP . In tandem with cost , IP protection is an important consideration in decisions about whether to make parts in-house or buy them from a supplier . One possibility is for a company to utilise blockchain technology to help prove that it owns IP in the event of a patent dispute . For example , Bernstein Technologies has developed a web service that enables its users to register IP in a blockchain . The service creates a certificate that proves the existence , integrity and ownership of the IP .

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