Blockchain-enabled smart contracts, distributed ledgers and immutable records are poised to reduce production costs, drive greater operational efficiencies and unleash new business opportunities for manufacturers worldwide.
Without trust, value chains – particularly those that support global manufacturing – would not exist. However, that trust has been historically difficult, and costly, to establish. We believe there is a simpler, less costly and more efficient way to establish trust in manufacturing value chains, using blockchain, a software-based distributed ledger system maintained on multiple computing nodes.
This white paper demonstrates how blockchain technology and thinking can slash the ‘trust tax’, starting with newly formed distributed manufacturing value chains, and reveals how businesses can use a blockchain-based approach to more effectively orchestrate global supply chains.