Industry 4.0, also known as the fourth industrial revolution, is a digital revolution whose main purpose is to promote the connection between the virtual world and the physical world. Blockchain can facilitate this connection, making it easier for humans and machines to connect and understand each other. When it comes to blockchain, many people are out of the cloud. However, it has become the headline of major news portals and has emerged in the financial sector. As a distributed accounting technology, the blockchain is changing the financial industry, and it is also possible to completely change other industries. The blockchain has the characteristics of decentralization. It does not depend on the third-party notary organization. Any failure of a distributed node will not affect the overall work of the system, and it has the advantages of not being able to modify, fake, etc., becoming a brand new Data storage and billing mode. As we all know, the emergence of Bitcoin has changed the way many people handle financial affairs, but this is just one of many cryptocurrencies. Bitcoin is actually a manifestation of blockchain technology. Blockchain technology allows Bitcoin owners to securely complete transactions without a bank or middleman, which is a great benefit. Now, other industries are beginning to realize the role of the blockchain, which helps to achieve the Industry 4.0 model in the manufacturing sector. Industry 4.0, also known as the fourth industrial revolution, is a digital revolution whose main purpose is to promote the connection between the virtual world and the physical world. For example, digital cameras connect factory equipment with virtual models in computers to achieve highly visible production. Blockchain can facilitate this connection, making it easier for humans and machines to connect and understand each other. So, what kind of value can the blockchain produce for manufacturing? What impact will this distributed data storage technology have? Reduce manufacturing costs Since the blockchain is a point-to-point data storage system that cannot be changed, it ensures that data is not lost due to a node failure. So, when manufacturers transfer and save important files through blockchain technology, they don't have to worry about losing them in the middle. When the document is shared, the system recreates a block and adds it to the previous block to form a chain that is easy to track. Everyone can see where the information is going, which will improve the traceability of the supply chain. Since manufacturing supply chains are often distributed around the world and their shipment transactions are at different time periods, each component of the product development, manufacturing, and delivery process is difficult to track. Then a blockchain can create a smarter, more secure supply chain because it provides a reliable path that is visible in real time. A transparent real-time supply chain system enables manufacturers to quickly detect and resolve unexpected problems. Whether it is a product error or a security breach, the blockchain can be used to identify the cause of the problem, which reduces the likelihood of product recalls and further reduces The cost of product manufacturing services.
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How will blockchain technology affect manufacturing?