Machine as a Service: How blockchain tech will transform the procurement process for industrial machinery
The procurement process for industrial machinery today is much the same as it was at start of the Industrial Revolution. The milestone-based process looks very antiquated when viewed from the perspective of all the Industry 4.0 tech that’s generating massive amounts of machinery performance data.
This data contains the keys to optimizing machinery, increasing sales and improving profitability for machinery manufacturers. So, why isn’t it being used to manage the procurement process?
The reluctance comes down to data management. Without an objective, secure, transparent and audible shared record, it is very challenging to develop automated business processes linked to machine performance. Historically, industrial companies have been unable to develop standards for interoperability between plant-floor data and their enterprise systems—and the idea of integrating these databases across the industry has always been seen as a pipe dream.
Enter blockchain.
When the same capability that enables transparent and secure cryptocurrency transactions is applied to industrial data, it resolves many of the underlying challenges associated with deploying Machine-as-a-Service business models.
Join this webinar to learn how Steamchain developed its “Secure Transaction Engine for Automated Machinery” (STEAM) product in order to create the industry’s first automated business process platform for deploying Machine-as-a-Service solutions.
This data contains the keys to optimizing machinery, increasing sales and improving profitability for machinery manufacturers. So, why isn’t it being used to manage the procurement process?
The reluctance comes down to data management. Without an objective, secure, transparent and audible shared record, it is very challenging to develop automated business processes linked to machine performance. Historically, industrial companies have been unable to develop standards for interoperability between plant-floor data and their enterprise systems—and the idea of integrating these databases across the industry has always been seen as a pipe dream.
Enter blockchain.
When the same capability that enables transparent and secure cryptocurrency transactions is applied to industrial data, it resolves many of the underlying challenges associated with deploying Machine-as-a-Service business models.
Join this webinar to learn how Steamchain developed its “Secure Transaction Engine for Automated Machinery” (STEAM) product in order to create the industry’s first automated business process platform for deploying Machine-as-a-Service solutions.
Date & Time
Tuesday June 25th, 2019 2:00pm EDT
End Date & Time
Tuesday June 25th, 2019 3:00pm EDT
Category Webinar
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