Lately, we’ve come across an interesting article ‘The latest technology isn’t enough - you need the business model to go with it’ by Jon Bruner, a director of the Digital Factory program at Formlabs.

The article refers to the case that the manufacturing sector has potentially disruptive technologies available to them, which bring many benefits like cost savings, quality improvements, and increased flexibility.

In the article, Bruner mentions that the latest technologies aren’t enough, in order to reimage manufacturing in a digital era like today, there are three approaches mentioned: Mass customization, Continuous product development and digital supply chains.

We were exceptionally interested in the section of how businesses can reimage in a digital era. As we all know, business is moving faster than ever to become more competitive in the market, executive teams need to recreate business and marketing strategies and execute as soon as possible.

Organizations take advantage of the opportunities to boost their reputation: governments introduced a range of programs and economic response plans supporting those who have lost income during the COVID-19 pandemic; fashion brands focus on developing policies to protect the environment due to the increased interest related to the environment, or simply rebranding by turning the new Ogilvy logo into a classic mark.

We thought, “Maybe we can provide you some insights”, about how to recreate your business in this digital time. There are several technologies that you can apply in order to help yours take flight. First, we would like to introduce you to:

Blockchain: This isn’t simply only applied in Bitcoin. Blockchain can be involved in other areas. It is an unbreakable digital ledger of economic transactions, or also known as a network database, which is shared for anyone who participates in the network.

To have a better understanding, let’s have a look at this example: Tim and John are having a bet on tomorrow’s weather, each one bets $50, Tim believes that tomorrow will be sunny while John thinks it will be raining. They have three options: trust each other that whoever loses will give the money to whoever wins, making a contract, or asking for help from a third party. All options contain risks. If they are not friends, trust cannot be built; the contract might sound like a safer choice then, unless one of them decides not to pay, the winner needs to pay extra fee for court costs, attorney, and the final legal judgment takes time; the third party needs to be neutral so he/she will give all the money to the winner, however, there is a possibility that he/she will escape with the money.

Blockchain now will jump in as a fourth options thanks to the revolution of technology: with just a few coding action taken, $100 can be safely kept in the system and automatically transfer to the winner when it analyzes the tomorrow’s weather based on various sources. It can’t be stopped or changed. Therefore, this is the safest option.

Even in supply chain management, blockchain, with a common framework and set of rules, makes shipping faster and cheaper and more efficient since it shrinks insurance premiums, financing costs, and transit times.

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