“We may not have known it was called Industry 4.0, but we’ve been doing it for years” – said the CEO of a German steel manufacturer. Indeed, whatever name we call it by, digitization has revolutionized the way companies manage and improve manufacturing processes.Get In Touch
Manufacturing is in the forefront of digital transformation
It involves the coordination of an extremely complex workflow involving countless people, inventory units, and assembly lines. Smart manufacturing promises to reduce friction along the manufacturing process by using digitized business logic and smart technologies on a large scale. In doing so, typically various technologies are combined, including artificial intelligence (AI), machine learning and IoT (Internet of Things). The latter includes industrial devices that monitor the temperature of a work area, vibration of a conveyor belt, or follow the development cycle of products, to name a few examples. The potential is huge: smart factories are expected to add roughly $2 trillion to global GDP by 2023.
However, manufacturers adopting industrial IoT know very well that complex challenges like workflow optimization will not be resolved automatically by smart devices. Investing in changes might prove “dumb” in the absence of a robust, scalable, secure and interoperable IT infrastructure. For example, real-time recording of data can result in skyrocketing costs of its storage and processing. Without smooth connectivity and adaptable solutions, smart tools by themselves will not deliver meaningful results. Compliance is another critical factor: IoT devices often handle sensitive information that needs to be reliably tracked; without a database solution for complex systems, complying with audits of volumes of data will be expensive.
Blockchain technology has promised to resolve many of these challenges; however for compliance, auditing, and practical purposes, it must be secure and lightweight.
Unfortunately, traditional solutions are mostly unfit for smart manufacturing use cases, for the following reasons:
No IoT ExpertiseScalability of IoT telemetry had not been a major point of concern when currently mainstream blockchain solutions were developed, they are not able to reliably process large quantities of telemetry data
ExpensiveThe mounting costs of using a large number of IoT devices for smart manufacturing applications make existing blockchain solutions infeasible
Weak SecurityBlockchain networks, especially smaller ones, are far from adequately protected. For instance, systems using proof of work consensus mechanism can be compromised by a malicious actor who takes over more than half of the nodes
The Geeq Difference
SecurityGeeq’s unrivaled security makes it well suited to processing real-time recorded, critical data for compliance and auditing purposes, allowing smart manufacturers to inexpensively, consistently, and convincingly prove compliance with regulations and procedures.
InexpensiveUltra-low transaction fees make Geeq an ideal solution for IoT devices that collect data frequently, while being device-agnostic.
ExpertiseGeeq is run by a world-class team with profound expertise in the IoT field. For instance, John P. Conley (Chief Economist & Founder of Geeq) has been careful to respect the physical constraints intrinsic to applications with IoT.