Most of those who know about blockchains assume that only the fin-tech industry needs to know and adopt for blockchain. Blockchain technology is so useful and powerful so that in the future it might be required in all the industries. Already most cryptocurrencies like Crypto Genius use this technology as a protective shield.
One might not understand the usefulness of blockchains in the manufacturing industry. If you take any news article in any media, you can find a lot of information about bitcoins and blockchain. This itself shows that the technology is gaining fast popularity.
If manufacturing industries let go of this technology as irrelevant, they are failing to tap its potential. Who knows? In near future, even the manufacturing industries might need Crypto Genius for making its business payments to suppliers and creditors. Have a peek at these to know full details.
These industries would need blockchain in the area of Electronic Data Interchange (EDI). EDI is the standard through which an inter-company communication takes place. Through EDI companies can share documents like purchase invoice, shipment notices, etc. This concept was first introduced in the year 1968. The starting point itself was a revolutionary change as the technology helped these industries a lot.
Those companies which did not adopt this technology were left-back. Those who used EDI found it immensely useful to co-ordinate their activities with all the stakeholders like clients, bankers, and shareholders.
Similarly, these industries will now find the new technology of blockchain to be useful. This new innovation will help in sharing data fast. The payments related to a contract can be obtained in a safer manner. Product tracking becomes easier here. All these will reduce the cost of production and boost up the profits.
Implementing the blockchain is similar to investing in cryptos. Wiser people first invest a low amount in crypto genius. Then they see regular and good returns. This makes them confident enough to invest in bulk amounts. Similarly an industry can implement blockchain first in a smaller area (or) a single department like supplier payments. Gradually it can expand the usage in other areas too. In future when all your competitors would move fast towards implementing blockchain, you should not be left out. Being a pioneer in implementing this will be a boon in various aspects. This can be started as a pilot project in your business today. Many industries have already started implementation in such a manner.