Electronics

Revolutionizing the Electronics Industry with Blockchain Technology Solutions

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Electronics

Electronic Industry:

Organizations involved in electronics business have to compete in an increasingly complex marketplace as value chains are spread across various production stages and geographies. Blockchain – an innovative technology that functions on a shared ledger model offers significant benefits to the electronic industry by helping organizations manage complexity across their value chain by reducing friction in the business processes.

How Can Blockchain Help?

Better Supply Chain Visibility: Tracing the provenance of goods (electronic components) becomes easy with Blockchain as every transaction made on the ledger not just gets recorded but also cannot be tampered with. This feature also helps companies detect counterfeits materials, which may otherwise affect product quality and brand reputation in the long-term. In other words, Blockchain ensures that parts and components that go into electronics come from non-conflict zones in order to protect brand reputation by meeting regulatory compliance.

Managing OEM Complexity: Every product is made up of multiple parts or components. After these assets or components are shared by an OEM to other parties such as partners, suppliers or customers, they usually fail to keep a track of it. However, if the transactions are done on a Blockchain, which is a distributed ledger shared across multiple parties, the information gets uploaded and updated on the ledger every time a new transaction occurs. Since, every participant on the Blockchain has a copy of the ledger, the physical, as well as financial flow of goods between participants, the transfer of ownership and the flow of forecast data can be traced in a synchronized way.

Managing Complexities of Electronic Value Chain: The electronic industry value chain is extremely complex with multiple participants spread across multiple geographies. The entire process of product manufacturing to customer delivery, which requires certain level of synchronization is lacking because data that tends to offer value gets lost or falls out of sync as it travels from one participant to the other. In other words, with increasing number of participants, the need for speed increases resulting in data loss. The problems are further aggravated by presence of intermediaries who not just delay the transactions but also make them costly. With a Blockchain solution in place complexities associated with data, increased turnaround time and cost can be resolved easily.

Why Sofocle?

One of the leading players in the Block chain space, Sofocle offers a line of market ready products that are designed to mitigate different pain points of the various industries. In the electronic industry, our tailor-made solution can help disrupt the existing ecosystem for the electronic industry.

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