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
- ANZ, CBA, Westpac trial blockchain powered bank guarantee platformon July 5, 2019 at 12:03 am
COLLABORATION is, without a doubt, one of the most effective ways to foster innovation, especially when it comes to tackling a technology as sophisticated as the blockchain. Perhaps that is what ... […]
- Fujitsu Develops Blockchain ID Tech That Scores Trustworthiness in Transactionson July 4, 2019 at 11:00 pm
Fujitsu Laboratories has unveiled what it calls “digital identity exchange technology” aimed to increase the security of online transactions. The tech, based on blockchain, makes it possible for ... […]
- Fujitsu develops blockchain-based digital identity playon July 4, 2019 at 8:25 pm
Fujitsu Laboratories Ltd has announced the development of a digital identity exchange technology that uses blockchain to prove reputation and improve trust in validating a user. According to Fujitsu, ... […]
- 'Mirror Worlds' Creator Wants to Displace Facebook—With Blockchainon July 4, 2019 at 11:00 am
David Gelernter’s giant macaw, Ike, has taken a tumble. One moment he was there, offering agreeable squawks as Gelernter spoke, and then, in a flash of lightning, he wasn’t. Ike is fine, the ... […]
- Blockchain Supply Chain Market to Huge CAGR (80.2%) by 2025: Big Market Researchon July 4, 2019 at 7:03 am
Jul 04, 2019 (Hitech News Daily via COMTEX) -- The global blockchain supply chain market size was valued at $ 93.16 million in 2017, and is projected to reach $ 9,852.91 million by 2025, growing at a ... […]
- IBM, Top Australian Banks to Pilot Blockchain for Retail Lease Bank Guaranteeson July 4, 2019 at 1:05 am
A consortium of Australia-based financial services companies have teamed up with IBM and shopping center operator Scentre Group to launch a pilot that puts retail lease bank guarantees on a private ... […]
- UPDATE 1-Australian banks, IBM to test retail financing by blockchainon July 3, 2019 at 10:59 pm
SYDNEY/BENGALURU, July 4 (Reuters) - Australia’s three biggest banks said they will test a new bank-guarantee platform for shopkeepers that uses a shared database, claiming the project would mark the ... […]
- Blockchain and the sharing economyon July 3, 2019 at 11:40 am
Blockchain, defined as a "single version of the truth" made possible by an immutable and secure time-stamped ledger -- copies of which are held by multiple parties -- is likely to play a role in such ... […]
- Intel Sponsors Hyperledger Transact Project In Busy Year For Blockchainon July 3, 2019 at 5:55 am
As blockchain technology continues to provide inroads for innovation, it is fitting that one of the world's leading computer hardware producers would work extensively with the technology. Intel ... […]
via Bing News