When you hear mention of blockchain technology, your mind likely immediately shifts to thoughts of crypto trading. It makes avid traders begin scouring Coinbase, looking for the ideal buyer or seller.
It’s natural for your attention to rest on the value of your CRO holdings, but blockchain technology is much more than the technology undergirding the crypto.org chain, a crypto.com creation. Instead, it’s an efficient and secure way to manage and share sensitive data, whether in a company, supply chain, or IoT network. To give you an idea of the scope of blockchain uses for manufacturers, we’ve compiled a list of four ways makers can use this budding tech to enhance operations.
1. Make International Transactions
Our world is extraordinarily diverse with many comparable and conflicting cultures, and it’s all held together by the necessity of our global economy. The great thing about blockchain technology is that it was created with our global economy in mind.
Bitcoin was the first of many digital assets, and it was created as an alternative to fiat currency for international transactions. Blockchain technology functions by leveraging multiple computers—which represent blocks—to decrypt transactions and place them on a decentralized ledger.
International B2B companies and retailers make a lot of large transactions with their partners around the world. Trade regulations and foreign exchange rates complicate things, but blockchain can make these transactions simpler and safer. Even though traders think of BTC, ETH, and CRO as investment tools, they represent universal purchasing power for international organizations.
So, is Crypto.com safe for making international purchases? Yes, and it’s all because of the Crypto.com Exchange’s blockchain technology.
2. Create Data-Sharing Networks
You have must offer custom product configuration to compete with the United States’ top manufacturing companies. The configure, price, and quote (CPQ) process is painstaking, and it’s hard to account for the true cost of collecting, protecting, and sharing this data.
B2B companies could use blockchain technology to create secure environments that allow them to gather and share product configurations while ensuring the data’s integrity. CPQ solutions could utilize blockchain technology to store real-time material and product data. This data is paramount as it enables product customization and guided selling for manufacturing companies.
3. Manage Customer Data
The same tech that makes the Crypto.com ecosystem trustworthy can protect sensitive customer data for manufacturers. Your clients trust you with everything from trade secrets to custom configurations and proprietary designs. If that data falls into the wrong hands, it could spell the end for you and your clients.
Blockchain technology uses hashes to encrypt data before it’s put on a distributed ledger. The data encryption of blockchain ledgers makes them nearly impossible to modify or hack. Furthermore, these systems ensure the accuracy and integrity of data as every node on the blockchain has to confirm each entry.
4. Track Physical Assets
Renting production equipment is a lucrative but risky business. However, equipment leaders can upgrade their asset protection infrastructure by incorporating blockchain technology. You can use a distributed ledger to track the usage and condition of your equipment, providing greater accountability.
As you can see, blockchain technology has many more uses than merely trading crypto. Manufacturing companies across the U.S. are beginning to recognize and capitalize on the benefits this new technology affords.
Data is the business world’s most valuable asset, and blockchain technology is one of the most effective ways to secure and share it. Its use cases range from tracking assets to making transactions and creating secure and transparent B2B networks. You may think blockchain technology is revolutionizing the world now, but can you imagine the impact it’s going to have on tomorrow?