100 major Japanese manufacturers including Mitsubishi Electric and Yaskawa Electric will be participating in a data sharing arrangement underpinned by blockchain, as per a report by Nikkei.
The said project is aimed at boosting efficiency, lowering the risk of data leaks, and to reduce operating costs. The Industrial Value Chain Initiative, a manufacturers group focussed at promoting the “internet of things” in Japan, will oversee the project.
The information sharing arrangement will act quite similar to the strategic Renault–Nissan–Mitsubishi alliance, wherein data such as product design, the status of production equipment and the quality inspection information will be including. The attempt will subsequently improve productivity and competitiveness.
However, instead of managing and sharing information on servers, blockchain will be employed to offer the business consortium security, flexibility, and assurance of the deals stability. The participants will have the freedom to decide the amount of data to be shared and whether the said data is to be shared by one or more companies. Further, the participant could even charge a fee for the information, if they wish to.
As per the Nikkei reports, Japan’s manufacturing sector will experience cohesive progress through the blockchain initiative as this will invite big corporations with advanced production technologies and smaller players who are unable to invest large sums as well. Reportedly, the project is proposed to launch next spring.