Even though much of the focus regarding Bitcoin has been on its role in the world of finances, the benefits of Bitcoin as a digital currency extends far beyond the realm of money changing hands.
In fact, the technology driving Bitcoin has the potential to completely revolutionise certain industries – including the engineering sector.
The modern global engineering sector relies extensively on the protection of intellectual property. Examples of this would be trademarks, patents, and copyright.
The proper protection of intellectual property means engineering companies can monetize their inventions and innovations – thereby remaining ahead of the pack.
Bitcoin technology is now utilised to create a patent registry that’s 100% tamper-proof. This is helping to greatly reduce the risk of intellectual property theft on a truly global scale.
The world of engineering relies heavily on the movement of raw materials as well as finished products. This happens across a variety of stages of production and distribution of components.
The sector also relies profoundly on the timely delivery of components. This is where Bitcoin technology is going a long way toward benefiting the running of a well-oiled supply chain management system.
Since the technology behind Bitcoin works in real-time, it can enable engineering companies to better track the movement of goods and components across the supply chain.
An efficient and secure payment system is the core of every successful sector or industry.
Engineering providers often must deal with costly and time-consuming payment processes. Bitcoin payments, however, can be made quickly and securely. In doing so, they create a payment channel that’s free of errors and low on the possibility of fraud and outside interference.
The use of smart contracts can greatly benefit the engineering sector.
A smart contract is self-executing as it’s coded on the blockchain. Even the transfer of funds can now take place without the need for an intermediary.
By automating contracts for the supply of materials and components, the engineering sector can cut down considerably on time and costs.
A huge part of the global engineering sector is involved in the production and distribution of energy. By moving all of this to a decentralised platform, the engineering sector can benefit in big ways from the technology behind Bitcoin, and blockchain in general.
What’s more, blockchain can also help to stimulate the use of green and renewable sources of energy. This can make it a great deal easier for smaller energy producers to enter the market.
Energy trading, too, can benefit in many ways from blockchain technology. One example of this is how this technology can create a safe and secure platform for the movement and exchange of data between the various components of a smart energy grid. Not only will this help to maximise the production and distribution of energy, but it will also drive down the risk of security threats.
Becoming a successful player in the global engineering sector is all about achieving higher efficiency at a lower cost. From this, it’s clear that if the question involves engineering, the answer is undoubtedly blockchain.