“Manufacturers need to take blockchain from theory and put it into practice,” says Prasad Satyavolu. “Waiting until the direction becomes clear could leave them playing catchup.” Excerpts:
“Thanks to today’s digital technology, manufacturing is evolving. The more technology adopted, and the industry disrupted, the greater the rewards for those who embrace the latest cutting edge technologies. Today’s newest technology, blockchain, however, is poised to fundamentally redesign inefficient processes in areas such as supply chain management and trade finance, as well as spawn entirely new business models for manufacturers.
Manufacturers should move quickly to understand where they can leverage blockchain capabilities to address their operational challenges or take advantage of new business opportunities. Equally important, they need to gain experience with what will be required to implement blockchain solutions.
It’s critical for manufacturers to take a nimble, entrepreneurial approach that is required to keep pace with any fast-changing technology, especially one like blockchain. Manufacturers that act aggressively to learn how to leverage blockchain will capture early-mover advantages as blockchain disrupts the manufacturing landscape.”
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