Published on December 13th, 2018 | by Guest1
7 Incredible Ways Blockchain Is Revolutionising the Future of Chemical Industry
Marketing gurus and tech experts simply cannot stop gushing about blockchain, and frankly, they do have a point. Blockchain, the digital ledger of the future has the power to transform the face of every industry. From reducing cost to maximising profitability, blockchain is akin to yielding a magic wand and getting things straightened out in a matter of minutes.
Functional aspects of the chemical industry such as manufacturing, supply chain management, automation, food and pharmaceuticals have already felt the impact of blockchain, and how! Read this post to find out about the 7 ways that blockchain is poised to change the face of chemical industries – forever.
7 ways blockchain is transforming chemical industry for the better
Giving rise to newer and faster innovation processes
With new technologies and competitors entering the market, it is time for newer innovations. Chemical industry sectors are coming up with new product cycles that are driving faster commodisation. Factors such as the environmental impact of manufacturing and developing a product also have to be figured in during those times.
Blockchain technology can help chemical industries come up with innovative solutions for product development for their customers. It also allows working in close collaboration with a closed community with safe data sharing facilities about developing a new product. This will largely rule out the interference of third parties in the initial days of product development, and save companies form delicate data leakage. Hence, futuristic innovations can be at its best through the use of blockchain in chemical industries.
Encouraging community trading within the industry
Community trading is one of the essential aspects of the chemical industry. Businesses have a gala time buying and selling products through trusted networks that offer the best market price for the commodities in question. Blockchain technology enhances it even further by giving the buyers and sellers access to information about commodities for sale in real time. Since all of it happens through super-secure connections, it is one of the most brilliant uses of the blockchain technology so far. Blockchain platforms offer the necessary speed, safety and transparency for chemical industries. It is already a huge success in campaigns like the ZrCoin Network, and promises much more in the future.
Presenting breakthroughs in manufacturing
Chemical industries have moved on to advanced tech in manufacturing for quite some time. 3D printing continues to be one of the chief technological tools that they use for large-scale productions. Naturally, they are required to share the digital blueprints of their work with clients and companies they are in business with. That becomes a pretty problematic affair in modern times with data theft being on the rise. If someone decides to scan the moulds from the digital files and prints matching replicas of the original product, there’s not much that protecting it with copyright can do, right?
Blockchain can be an answer to all of these issues as well, since it has the capacity to store metadata about all substances such as compounds to human DNA. Hence, the ones who hold rights to such data in the blockchain can store and share data amongst a closed and authorised group of people, by keeping the data security intact.
Effectively handling employee and asset data
Talking about the significance of blockchain in chemical industry, Dr. Steven Kowalksi, software engineer and senior subject matter expert at MyAssignmenthelp, says, “It is a superb way to procure or dispose of an asset. It helps in handling the data about assets and keeps a tab on all safe networks.” He is not too far from the truth, for blockchain helps to track data on assets and can be a great way to prove ownership of a particular asset.
As far as handling employee data is concerned, blockchain comes of use in that sector too. Chemical plants are switching to faster and more advanced tech and machines. Hence, hiring people with just the right set of skills to operate and maintain those plants is the need of the day if you want to keep them up and running. Blockchain can not only verify the employee data for you, but also keep track of the specific skill sets, so you are always updated about the necessary alterations required in your work force.
Refurbishing delivery and supply chains
Chemical compounds such as varnish, pesticides or ethylene run a high risk of counterfeiting. Blockchain technology can help prevent it by tracking each movement in the delivery network, by keeping an eye on the product at all times.
Supply chains are on a whole different plane altogether. Chemical industries have pretty intricate supply chains, and tracking shipments or products has become confusing for even the best of companies. Location services, regulations, transportation issues, safety requirements, packing specifications, customer engagement and hazards must be factored in before planning the supply chain. Blockchain provides a one-stop solution for logistics, and chemical companies. It can end up saving billions of dollars every year, that otherwise would account for the losses due to mishandling of goods or improper planning and coordination in the supply chain.
Providing enhanced data security measures
Data is what makes the world go round in current times. Keeping the flow of data coming and going is what makes businesses run like well-oiled machines through the day and night. When you are in the chemical industry, you have to deal with real-time data from all quarters like plants, workshop floors, supply chain, and various enterprises in between. Taking in, collating, tracking and safeguarding a large amount of data can be overwhelming. The recent data leaks and forgery incidents are proof of the same.
Blockchain takes care of all these intricacies. Chemical companies can now keep their data safe and maintain the integrity of data input and output channels, all thanks to the amazing advancements in data protection that blockchain provides. It has loads of control mechanisms in place for data protection and provides an efficient solution for chemical industries.
Making way for a healthy competitive environment
Now, let us talk about the factor of fostering a competitive environment for chemical companies. With safe data sharing modes in real-time, the organisations can all be a part of a greater community, sharing insights and business models with trusted allies. This goes on to show the future of chemical industries as an ecosystem. The companies could be working in sync to deliver flawless solutions all across the globe, rather than fighting in isolation. Blockchain can thus be a great way to make the whole B2B work culture in chemical industries a lot more dynamic and effective with greater levels of cooperation and protected real-time data sharing.
Blockchain’s disaster management, prevention of data theft, and business continuity planning features make it a trusted ally for chemical companies. Chemical industries can enhance their supplies and bolster the integrity of their business models through blockchain. It is surely the tool of the future, and presents myriad of benefits towards a smoother process for running the chemical industry. It provides an agile platform for trade and commerce, which allows next-gen chemical companies to function productively in the future. With more businesses in the area of coverage and lesser inventory to manage, it enables the companies to work together and brings out the best of the industries in the times that lie ahead.
Gracie Anderson, Senior Subject Matter and Adelaide-based accountant, offers prompt dissertation help for students facing academic difficulties at Essayassignmenthelp. She enjoys writing about technology, education and related topics, and loves vacationing with her family.