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Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

Taehyun Ko / Jaeram Lee / Doojin Ryu

Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology’s mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry.

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Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

Taehyun Ko / Jaeram Lee / Doojin Ryu

Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology’s mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry.

Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

Taehyun Ko / Jaeram Lee / Doojin Ryu

Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology’s mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry.

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Titel:

Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

Beteiligte:

Taehyun Ko (Autor:in) / Jaeram Lee (Autor:in) / Doojin Ryu (Autor:in)

Erschienen in:

Sustainability, Vol 10, Iss 11, p 4274 (2018)

Erscheinungsdatum:

2018

ISSN:

DOI:

https://doi.org/10.3390/su10114274

Medientyp:

Aufsatz (Zeitschrift)

Format:

Elektronische Ressource

Sprache:

Unbekannt

Schlagwörter:

blockchain , cost saving , distributed ledger technology , manufacturing industry , real-time transparency , sustainability , Environmental effects of industries and plants , TD194-195 , Renewable energy sources , TJ807-830 , Environmental sciences , GE1-350

Metadata by DOAJ is licensed under CC BY-SA 1.0

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