| Followers | 9 |
| Posts | 1597 |
| Boards Moderated | 1 |
| Alias Born | 01/27/2014 |
Tuesday, May 23, 2017 4:27:16 PM
Beyond Bitcoin: Digital Currency Among Many Industrial Applications For Blockchain
At gereports.com - Beyond Bitcoin: Digital Currency Among Many Industrial Applications For Blockchain - May 22, 2017
A portion of the article mentions industrial uses in additive manufacturing.
Beckmann is now finding ways for GE to apply blockchain to industry. He started by building blockchains for additive manufacturing applications like 3D-printing and renewables. For example, maintenance workers could use blockchain to make sure that a 3D printed turbine blade has the same geometry as the part it is replacing. In the energy space, it could allow an owner of solar panels to sell extra energy at the best price instantaneously. Factory owners could use it to track inventory and reduce costs.
The marriage of the Industrial Internet and blockchain could have a huge economic impact globally. GE forecasted that connected machines and the Industrial Internet can add $10 to $15 trillion to the global economy over the next two decades. With blockchain in the mix, Beckmann believes machines could order their own replacement parts through the technology.
Beckmann is also looking for a better way to move the millions of dollars that are exchanged daily between GE business units. “The bank receives a fee for every transaction,” he says. “If we can remove the bank and establish a trust mechanism instead, that will save us a lot of money.” Harkening back to what got him interested in blockchain in the first place, Beckmann says he’s thinking of calling the application GE Coin.
At gereports.com - Beyond Bitcoin: Digital Currency Among Many Industrial Applications For Blockchain - May 22, 2017
A portion of the article mentions industrial uses in additive manufacturing.
Beckmann is now finding ways for GE to apply blockchain to industry. He started by building blockchains for additive manufacturing applications like 3D-printing and renewables. For example, maintenance workers could use blockchain to make sure that a 3D printed turbine blade has the same geometry as the part it is replacing. In the energy space, it could allow an owner of solar panels to sell extra energy at the best price instantaneously. Factory owners could use it to track inventory and reduce costs.
The marriage of the Industrial Internet and blockchain could have a huge economic impact globally. GE forecasted that connected machines and the Industrial Internet can add $10 to $15 trillion to the global economy over the next two decades. With blockchain in the mix, Beckmann believes machines could order their own replacement parts through the technology.
Beckmann is also looking for a better way to move the millions of dollars that are exchanged daily between GE business units. “The bank receives a fee for every transaction,” he says. “If we can remove the bank and establish a trust mechanism instead, that will save us a lot of money.” Harkening back to what got him interested in blockchain in the first place, Beckmann says he’s thinking of calling the application GE Coin.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
