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Blockchain capacities in the consumer electronics industry

Blockchain capacities in the consumer electronics industry

Articles / 2019-04-18 14:36 PM

According to the GFK Group data in 2018 sales on the global household appliance and electronics market have surpassed EUR 1.1 trillion that is 4% more a year before. It proves the industry develops at high speed. To keep on going so good it has to go hand in hand with the innovative technologies. What is indisputable is that the blockchain tech is the greatest innovative technology of the recent years as well as of the nearest future.

The blockchain tech definitely is one of the key instruments to build the desired digital economy. Blockchain will provide the fat land that will let new economic solutions occur. The technology creates trust and turns reputation into a well-controlled instrument that can be used for the cooperation of each and every person or organization with other participants of the market. The production processes are getting faster thanks to the exclusion of the paperwork. At the same time, it reduces the transaction cost and facilitates turnover increase.

So, let us focus on the segments that can gain real profit from the implementation of the blockchain tech.

1. Supply Chains

As for the supply chains, the simplest application of the blockchain tech might exist in the following forms: tracking of the goods, their registration in the forms of transactions, that would define the parties involved, as well as the price, the date, the quality, the condition of the product and any other data important to manage the supply chain.

The South Korean electronics giant Samsung considers the opportunity to use the blockchain to manage its global supply chains. It is known that Samsung Electronics is going to create the system on the basis of the distributed ledger to track global supplies and expects that the efforts will help to reduce transportation costs by 20%. The Samsung logistical and IT divisions are now working on the development of the platform.

2. Authenticity

The English company Everledger found out an interesting way of applying the blockchain technology. All the data on diamonds including the information on the deals are being recorded in the special ledger and all the Everledger’s users have access to it. In such a way they use crypto protection to confirm the authenticity and the origin of more than 1 million diamonds. That considerably decreases the number of false insurance claims for the loss or theft of diamonds.

3. Red Tape and Warranty

WAVE is trying to resolve quite an annoying problem with the documentation on import known as consignments. The developers want to attract all the members of the chain to the decentralized blockchain that will let them directly exchange the documents. It is going to solve the biggest problem of the transporters. The WAVE Application manages possessing of the documents in the blockchain, eliminating disagreements and problems with forgeries.

The Warranteer Project is especially interesting for the marketing campaigns of electronic and household appliances. It helps to increase the loyalty of the clients by means of solving problems with the warranty for the goods.

When a client purchases a product its warranty is being recorded to the blockchain. The consumer enjoys the convenient and secure storage (in the mobile application) and if the consumer wants he can find out all the details of the purchase: validity period, service centers’ contacts, etc. Instead of looking for the warranty and its terms for a long time the consumer gets all the necessary information within just a couple of minutes.

4. Identification

With the help of the blockchain tech, all the suppliers can identify their products safely and independently and the retail chains can give to the customers the authoritative information on the products.

Conclusion

The blockchain has all the potential to transform the ways we produce, sell, buy and consume the goods and services. Transparency, traceability and security increase might become a breakthrough in the build of the much more secure economy with the help of promotion of confidence and honor as well as through the prevention of the use of questionable practices.