Researchers at North Carolina State University are proposing the creation of a public, open-source network that uses blockchains – the technology behind cryptocurrencies – to share verifiable manufacturing data.
The system could be used as a peer-to-peer network that allows companies to find small- and medium-sized manufacturers that are capable of producing specific components on a reliable basis.
“Small- and medium-scale manufacturers often lack the resources and network reach necessary to make all of their potential clients aware of their manufacturing capabilities,” says Binil Starly, corresponding author of a paper on the work and head of NC State’s Data Intensive Manufacturing Environment Lab.
“A public network like the one we’re proposing would help potential clients find manufacturers with relevant expertise and equipment in an efficient way,” says Starly, who is an associate professor in NC State’s Edward P. Fitts Department of Industrial & Systems Engineering.
“Our approach, called FabRec, would allow companies to automatically report about their manufacturing activities: which machines are being used, what materials they are working with, raw material inventory levels, whether the work is being completed on time, and so on,” says Atin Angrish, a Ph.D. student at NC State and first author of the paper.
“Because these updates are automated, users can be fairly certain that the information is accurate,” Angrish says. “And because it’s being done through the blockchain, which allows event logs to be traced to their source, there is accountability. So clients can find the right manufacturers, and manufacturers can find new clients, without relying solely on claims made in marketing materials.”
To demonstrate the viability of the concept, the researchers created FabRec – a publicly-accessible, prototype network that currently accepts input from a handful of machines.
“Our network shows that the concept is viable, but the next step would be to establish agreed-upon protocols with participating manufacturers,” Starly says. “That would allow the creation of code that permits users to report – and search for – any given set of parameters, such as type of product, production time, cost, and so on.”
“Future steps also include developing software that would allow us to authenticate sources entering data into the system – as well as identifying any unreliable sources,” Angrish says.
“We are now looking for manufacturers and IT sector partners to help us build up the network and establish it as a reliable, publicly accessible resource for supply chain professionals,” Starly says.
The Latest on: Blockchain
via Google News
The Latest on: Blockchain
- Ternio Blockchain Framework Accepted as Amazon Advanced Technology Partner on February 19, 2019 at 4:46 am
CHARLOTTE, N.C., Feb. 19, 2019 /PRNewswire/ -- Ternio, a leader in scalable blockchain architecture for enterprise organizations, has announced its acceptance as an Amazon Advanced APN Technology Part... […]
- Germany Set To Embrace Blockchain, Consults With Blockchain Firms on February 19, 2019 at 4:32 am
The federal German government and blockchain startups operating in Germany seem to have reached an understanding to advance the use of blockchain technology, which is the basis for cryptocurrencies wo... […]
- CRM Powered by Blockchain Launches Beta on February 19, 2019 at 4:00 am
SAN FRANCISCO, Feb. 19, 2019 /PRNewswire-PRWeb/ -- Cogmento CRM, a customer relationship management software on the Cloud provider launches today with an Open Beta. Anyone can sign up and try CRM soft... […]
- Coinbase buys blockchain intelligence startup to boost security and new asset discovery on February 19, 2019 at 3:57 am
Coinbase, the world’s most valuable crypto company, is gearing up to add more cryptocurrencies to its exchange thanks to its latest acquisition. Based in Italy, Neutrino helps map blockchain ... […]
- Coinbase Acquires Blockchain-Tracking Startup Neutrino for Undisclosed Price on February 19, 2019 at 3:08 am
Coinbase has acquired blockchain analytics startup Neutrino as part of a wider push to offer more diverse crypto assets across borders. “This is particularly important as we work with regulators and a... […]
- Germany Seeking Industry Feedback for National Blockchain Strategy on February 19, 2019 at 1:05 am
The German government is seeking industry feedback ahead of developing the country’s blockchain strategy by the summer. A Reuters report on Monday, citing anonymous government sources, said that compa... […]
- OK Blockchain Capital releases January Blockchain Industry Report on February 18, 2019 at 7:17 pm
BEIJING, Feb. 18, 2019 /PRNewswire/ -- OK Blockchain Capital & OK Research jointly released the January Blockchain Industry Report on Feb 10. Global blockchain digital asset market value and ... […]
- How Blockchain Can Drive Finance And Audit Performance on February 18, 2019 at 6:30 am
In 2017, bitcoin, a cryptocurrency based on blockchain, skyrocketed in value and caught the eye of executives around the globe. While most of us have focused on the currency aspect, it’s no secret tha... […]
- Germany consults industry about blockchain potential on February 18, 2019 at 5:51 am
BERLIN (Reuters) - Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday. ... […]
via Bing News