Exhaust the maximum future potential with Blockchain & Distributed Ledger Technologies
The full article was originally published by Pascal Friedrich on Medium. Read the full article here.
The conviction to enable an added value with new technologies for our economy, society & environment to empower the maximum of futures potential – to save the world?
The world is changing, rapidly – During the last decades the manufacturing world was in constant motion as more and more machines became connected and Production-as-a-Service turned from fiction into reality. The conviction that the factory and whole supply chain of the future will primarily consist of autonomous machinery.
Especially in the production of products and (plastic) packagings, as well as in the recycling process and the associated regulatory requirements within these processes, companies strive to guarantee immutable, when and at what point a respective production or recycling step is carried out – in order to meet the requirements and culture for their own company (ESG management), as well as the requirements of politics, for their suppliers and the whole ecosystem. At the current state, this trust is only less available and there is no immutable production and/or recycling chain and the associated single point of failure.
The demands on the plastic packaging industry are constantly increasing – principally the proportion of recycled material. The regulatory requirements (according to packaging law) for the percentage of plastic were 36% before 2019, 58.5% since 2019 and 63% from 2022 – the trend is rising rapidly.
In addition to the regulatory requirements relating to the proportion of plastic recycling, there are further regulatory decisions as well as pain points for production and recycling companies like:
- no immutable production and/or recycling chain
- lack of trust within the supply chain and/or suppliers
- lack of trust within customers – e.g., recycling rate
- EU tax on non-recycled plastic (since 2021)
Single point of failure, a lack of trust within the production chain, towards customers and within the complete ecosystem is a state that should be changed as soon as possible.
With Blockchain and Distributed Ledger Technologies (DLT) there comes a major disruptor across industries looking for a secure & decentralized, automated, distributed data and value transfer platform.
I am convinced that the capability to provide DLT based Industrial IoT will be a “must-have” for the future of manufacturing and can provide significant competitive advantage through companies and their customers by optimization of accounting, Machine-to-Machine (M2M) data- and payment transactions and enhanced security. SettleMint believes that technology platforms based on Blockchain and DLT are perfect suited for decentralized B2B and B2C marketplaces for B2B to be established in the Industrial IoT, Smart Manufacturing and Supply Chain with the following improvements: