From secure data exchange to managing EoL parts, the applications are numerous.
In last month’s discussion of how electronics companies first began to use Blockchain technology to automate and simplify “high-friction” multiparty processes, we noted many of the earliest projects tended to focus on the relationship between a single “sponsor” company and its partners. In other cases, companies worked together as a consortium to solve a common problem. Quickly, however, electronics companies began to leverage applications originally developed for other industries, especially to leverage the “track and trace” capability originally developed for the food industry.
Basing a new blockchain network on functionality that has been developed and implemented for another network1, even in a completely different industry, lowers the cost of entry and simplifies the process of setting up that new network. That has turned out to be very important, since it also makes it easier to create a valid business case for the application.
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