A data-sharing initiative among 100 major Japanese entities will use blockchain technology to secure sensitive information. According to a June 17th report by the Nikkei Asian Review, the project will start in spring of 2020 and allow members to share production information in the hopes of increasing the overall efficiency of the Japanese manufacturing industry.

Japanese Players Pool Their Knowledge Resources 

Overseen by the Industrial Value Chain Initiative, a manufacturers’ consortium formed in 2015 to promote the Internet of Things (IoT) in Japan, this sharing initiative is expected to be a game-changer for the industry. 

Previously, each company worked independently to employ IoT technology at their factories, guarding their practices as confidential information deemed key to their competitiveness. However, industrial players are now convinced that by sharing such data, the entire industry can achieve better overall performance.

According to the report, DMG Mori, Mitsubishi Electric, and Yaskawa Electric are some of the big names participating in the initiative.

Under the data-sharing agreement, participants will use blockchain technology to share information on product design, the status of production equipment, as well as quality inspection.

Sensitive Data Sharing Facilitated by Blockchain

According to the Nikkei, security was the decisive factor behind the use of blockchain as a means of data sharing.

“Blockchain […] is expected to lower the risk of data leaks compared with managing the information on servers, as well as reduce operating costs,” as reported by the Nikkei.

Moreover, the use of blockchain will allow participants to customize how much information they want to share, with which entities, and whether to charge them for access. 

Source: https://cointelegraph.com

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