Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

【Author】 Ko, Taehyun; Lee, Jaeram; Ryu, Doojin

【Source】SUSTAINABILITY

【影响因子】3.889

【Abstract】Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology's mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry.

【Keywords】blockchain; cost saving; distributed ledger technology; manufacturing industry; real-time transparency; sustainability

【发表时间】2018 NOV

【收录时间】2022-01-02

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