WHAT DOES THE FUTURE HOLD ?
WHAT DOES THE FUTURE HOLD ?
Manufacturing has always been considered an industry that is set in its ways . However , with technology such as blockchain , AI and machine learning playing a more influential role , the Factory of the Future is set to look very different . As blockchain technology matures , it will , through trust , allow manufacturers to clear some hurdles that have impeded the full-scale deployment of other next-generation technologies and innovative business models . As a result , more efficient factory operations that require data sharing and collaboration among complex networks of companies and machines will be created and set as a new norm across the industry .
Billurcu adds that with blockchainbased smart contracts having a greater influence across supply chains , any buyer can find a contract and act on instantaneously . “ This means they get the product they need and can pay for it without the expensive overheads associated with traditional supply chains ,” says Billurcu . “ This could mean a radical overhaul in the way international trade is conducted – by speeding up transactions , reducing reliance on paperwork , and bringing cost-efficiency to the fore .”
With the future in mind , Waterhouse has a clear vision of what the coming years could look like in a blockchain world . “ A blockchain approach would improve standards , increase trust and also improve project delivery speed as the need for human validation at every step would be reduced . This would lead to knock on improvements around product availability and lead times .”
85 manufacturingglobal . com