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Japanese manufacturers will adopt blockchain-based data sharing platform

crypto gives way to crime in japan

In order to increase the efficiency and the output of hundreds of manufacturers in Japan, companies have agreed to use the blockchain as a platform for sharing data for a better economic future of the country.

Currently, the largest companies involved are Mitsubishi Electric and Yaskawa Electric. The project will begin in the spring of 2020 and will be governed by the Industrial Value Chain Initiative.

Due to rapidly growing markets and the difficulty of tapping into it, companies have started to collaborate for market sharing purposes rather than market dominating intentions.

Sharing data amongst themselves is going to drive the quality and efficiency of each manufacturer, especially the smaller ones that will receive the decades-old experience provided by market giants.

Most of the data being shared among the companies will be touching the intricacies of product design alongside the complexity of using quality equipment and inspection.

By using the blockchain, the companies are ensuring the fact that all the companies receiving information are also sharing it with others. It ensures that third-party companies that don’t contribute to the project don’t get their hands on the classified information.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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