Tech enthusiasts and blockchain evangelists can’t stop talking about the disruptive powers of blockchain. In a short span of time, blockchain has gathered a lot of attention and while it was mistaken initially for unnecessary hype, people have started to believe in its potential, so much that blockchain in this day and age can be found in every sector from logistics to healthcare. As for the chemical industry, experts have already started feeling the need for applying blockchain in the functional aspects of the industry. So, without further ado, let’s see the various ways in which blockchain impacts the chemical industry.
Innovation in the chemical industry
Innovation and progress are very important for the financial health of a business in any sector, and chemical industry is no different. Considering the amount of competition, the chemical industry has, it crucial for a business to develop an edge over the rest by providing the customers with something unique. Blockchain happens to be that new and thriving technology that can help a business further its growth and capture a higher percentage of a market. Utilizing blockchain also enables a chemical company to create innovative and groundbreaking solutions for their customers. A blockchain enables an intimate connection between the collaborators whilst securing the information and data exchanged on the platform regardless of the fact that whether the community is open or closed. As all of the people in on the project work based on the same information, a significant amount of finances will be saved up on the redundant tasks that are required to pass on the same information to different people through various channels.
Encouraging commodity trading
Community trading is a key aspect of any chemical industry. Businesses tend to buy and sell products through trusted networks that present an offer which stands out from their competitors for the commodity in question. Blockchain technology implementation enhances this trade of commodities significantly by providing a platform to the parties which streamlines the process along with the details of the commodities in real time. The speed doesn’t compromise on the security of the transaction which is why people attribute blockchain for trading as a brilliant use case. It is already being used in campaigns such as the ZrCoin Network and we are hoping to see it grab a wider share of the market in the future.
New advancements for manufacturing
Chemical industries have taken a step further in their manufacturing techniques quite some time ago. 3D printing till date continues to be the best tool they utilize in order for mass production. Obviously, they have to follow the procedure and share the blueprints of their work with the companies and clients on board. This becomes quite difficult considering the date with which online data theft is accelerating these days. If a data thief decides to print the same moulds of the blueprints, how much protection can copyright actually provide you with? Therefore, in an instance like this blockchain is the clear answer because with its security it encourages a company to keep on working on its advancements and have real time communication with the clients.
Providing top notch security measures
Data is what is keeping the world so close together. Maintaining the flow of data is crucial to keep a business alive and to run its operations smoothly like well-oiled machinery does. When you are in any industry, you have to look after so many operations and keep them running simultaneously. Chemical industry happens to be no different. In a chemical industry, you are required to look after real time data from various quarters for instance plants, workshops, logistics and a slew of players in between. Receiving, dispatching and monitoring a large amount of data can be extremely difficult. The recent cyber attacks and data theft incidents are a testimony to this fact.
Blockchain looks after all these problems. Chemical companies can now stay assured that whatever data they send over through their platform will not be compromised and its integrity will be maintained throughout the channel.
Encouraging healthy competition
For an industry to flourish and come up with cutting edge solutions, it is important for businesses to collaborate with each other to share valuable insight with their trusted partners. This not only fosters a competitive environment for organizations but also boosts the growth of an industry. This speaks volumes about chemical industries being a part of an ecosystem. For the companies to be able to work in sync and to have flawless communication they need a trusted platform to stay connected and to avoid tedious paperwork. This would also keep companies from fighting in isolation and not having any expertise to resort to when they face difficulty. Therefore, blockchain can be a measure player in making the B2B sector way more efficient and dynamic whilst ensuring the security of data and ensuring real time communication.
Refurbishing delivery and supply chains
Chemical compounds that are used in a chemical industry like herbicides, varnishes etc. run a very high risk of counterfeiting. The place from where they are dispatched to the delivery, blockchain can help in closely monitoring their supply chain therefore ensuring that any fraudulent activities don’t take place. Supply chains of companies are quite intricate and over the years it has become tricky to keep track of products even for the big-name corporations. Blockchain basically provides an all-inclusive solution for supply chain and logistics related problems to companies.
Blockchain’s plethora of features such as cyber security, disaster management, and business enhancement make it a dependable platform for the chemical industry. Major players in the chemical industry can all take advantage of blockchain’s disruptive powers when it comes to developing their business, working with allies with complete security or decreasing operational cost of tedious work. Blockchain is without a doubt the platform of the future which has shown a lot of potential in every sector that it has been applied to. For gaining a competitive edge, it is almost crucial for a business to adopt blockchain technology and take advantage of its slew of features.