Smart Manufacturing (or Industry 4.0) is a term that was coined to describe the symbiosis between advancements in communications technology with various aspects of the industrial supply chain.
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If the verdicts of researchers, pundits and governmental authorities are to be believed, then smart manufacturing is a key contributing factor to the disarray that defines the current state of these sectors.
Disparity and a desperate situation
As with many industries, the growth of disruptive innovations such as big data, self-learning machines, and cloud computing have changed the face of production irreversibly. Unlike some, though, this area of industry has unfortunately struggled to fully capitalize on these new tools.
Due to the lack of an established universal standard, according to a recent study, many companies are spending large amounts of resources on creating competing solutions. They often possess the same overall goals, which means that their respective expenditure of finances and manpower are essentially wasteful as a result.
Standardizing the status quo
One of the most promising initiatives proposed to date has been dubbed “the Productivist Blockchain project”. As its name implies, it is a decentralized Blockchain-based innovation that comes from the minds behind ‘Freelabster’, a 3D printing and modeling collaborative platform.
By decentralizing the production market, Productivist plans on defining and implementing a universal Blockchain-based standard with the hope of unifying the current disparate Smart Manufacturing efforts.
This standard will help to enforce quality controls and improve data processing efficiency as well as the security of transactions. It will also facilitate the maintenance of immutable public-key encrypted data records.
The present and future of Productivist
The platform is to be supported by a proprietary token-based economy (‘Productoken’ / ticker: ‘PROD’) which will be used for payments between participating businesses. It will also allow for the settling of related service fees and other costs.
Beyond enabling instantaneous international and local financial transfers, this Ethereum-backed ERC20-compliant Productoken will play a significant role in incentivization and reward schemes which will further encourage third party participation in the short and long term.
After their imminent pre-ICO sale, which begins on May 1, 2018, Productivist hopes to prove the full extent of their solution by integrating their existing ‘Freelabster’ services onto the platform and Blockchain.
Smart-manufacturing market value by 2025: €321 bln (Source: Grand View Research, Inc)
Market share objective: 0.88%
Annual volume: €2.84 bln
Daily volume: €7.78 mln
Estimated yearly trading volume for each PROD based on released token supply: €11.93 per PROD.