The Blockchain and the Manufacturing Industry: How Blockchain-Based Pay-Per-Use is Transforming Long Standing Ownership Models
The manufacturing industry and its suppliers are heading for difficult times. Several emerging global developments in recent years are creating considerable pressure on competition and costs. The effects will be particularly noticeable in areas with a high deployment of mechanical equipment. If machines remain unused due to a downturn in the order situation, they merely generate high costs instead of contributing to the company's profitability and value creation. This unfavorable circumstance potentially can be solved by new ownership models, such as the concept of pay-per-use. Especially pay-per-use in conjunction with blockchain technology offers producers a variety of possibilities to better hedge their business against emerging external influences of the global economy and at the same time to significantly improve internal performance indicators.