How will Blockchain and NFTs Change the Manufacturing Industry?
What is the blockchain? Blockchain is essentially a decentralized, unhackable database where everyone has a copy of the same database. There's no middle man whatsoever. It is set up to keep track of almost everything of value, not just financial transactions like Bitcoin. Blockchain in the Manufacturing Industry Blockchain technologies have the potential to drastically alter the manufacturing landscape. The business sector with the most organizations fully ingesting blockchain into their workflows in manufacturing, with three times the market share of consumer products in the retail industry. Blockchain offers a quick and secure exchange of information and funds between suppliers and manufacturers. This allows them to cut out third-party middlemen such as banks or exchange platforms. It also creates a real-time log of activity for every step of the supply chain process. This increases the traceability and allows the manufacturer to see where there may be areas of i...