How Blockchain and Remanufacturing Works in Full Conformity

Devices are manufactured from industries in full speed at the time of introduction and so does discarding the old models.

Precisely, Remanufacturing is the method of remodelling a system from various used parts and put for sale at a lower price. Medical devices, machinery, computer are some of the common parts widely remanufactured.

Blockchain in business benefit remanufacturers in holding the tracking information, building transparency and trustful system that could remodel supply chain management. The stored data about each part can be retrieved at any time and embedded on a ledger.

What Problems do Remanufacturers Face?

Production section in remanufacturing is a complicated one as it is difficult to weigh the value of the used parts collected from random products. Remanufacturers address two major problems at the time of production as listed below:

Availability

Unlike the standard manufacturing process, remanufacturing depends on the availability of used parts and moreover, there is no way when these parts of similar quality are available in the market.

Uncertainty

Remanufacturing functions well only when there is a support of the genuine organization in supply chain management. The faults in the system do not rely on remanufacturers but completely associated with the uncertainty in the remanufacturing process. Involving forged parts in the process can bring significant problems.

Blockchain is more powerful than we estimated to act as the distributed ledger deliver transparency and efficiency throughout the remanufacturing supply chain process.

Why Blockchain for Remanufacturing?

We rely on three major technologies: Blockchain, IoT (Internet of Things) and artificial intelligence to uplift our present lifestyle to the next level in the near future. While these technologies have its own level of adoption and advantages to human life, Blockchain holds the capability of enriching the optimization and revolutionize the existing models.

Blockchain uses distributed ledger that gives transparency over the members in the chain the ability to what everyone sees in the chain.

How Does Blockchain help in Remanufacturing?

Blockchain could build a wide system for industries where data can be stored and viewed transparently. Positively, Blockchain based platform can give access to all remanufacturing chain members to view complete details of stored information.

Perfectly inherent Radio Frequency Identification (RFID) tags and assured quality test on newly added elements help to track down the parts quality and their shelf-life. Any element without an RFID tag is considered to be counterfeit and is not authenticated by remanufacturers.

Filament, a Blockchain development company designed a solution to pairing Blockchain technology with remanufacturing industries. The software signifies the payment automation, reduce overheads and intimate the expiry of older parts. Further, the system uploads the tracking detail and location of the parts into a ledger during the supply chain management process.

Thus Filament tracks the liabilities and sources the funds to sellers in real time that enhances the trust and security.

Final Note

As imaginary plans for the future are becoming reality, Blockchain can become an integral part in various fields. Remanufacturing, as an effective recycling system, it somehow prevents the environment from ecological disaster thus benefiting three local bodies: remanufacturers, customer and society.

Blockchain in business has the ability to provide solutions to those critical problems faced in the remanufacturing industry benefitting multiple communities around the globe. Improving transparency and building the trustworthy system strengthens the role of Blockchain in business and so do in remanufacturing supply chain process.