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Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings

by 1, 2 and 1,*
1
College of Economics, Sungkyunkwan University, Jongno-gu, Seoul 03063, Korea
2
College of Business, Gachon University, Seongnam-si, Gyeonggi-do 13120, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2018, 10(11), 4274; https://doi.org/10.3390/su10114274
Received: 16 September 2018 / Revised: 12 November 2018 / Accepted: 14 November 2018 / Published: 19 November 2018
(This article belongs to the Section Economic and Business Aspects of Sustainability)
Blockchain technology has been recommended for the sustainability in the manufacturing industry, owing to its benefits in terms of real-time transparency and cost savings. To verify this, we first examine how firms can employ distributed ledger technology by adopting blockchain technology to achieve real-time transparency and cost savings. We also review the current blockchain technology applications in the financial industry and supply chains to explain this technology’s mechanisms for enabling real-time transparency and cost savings in the manufacturing industry. Finally, we theoretically compare the profits of manufacturing firms in two managerial delegation games under a duopoly situation. This theoretical model suggests that the real-time transparency and cost savings secured by blockchain technology improve the profitability and competitiveness of manufacturing firms, which, in turn, assure the sustainability in the manufacturing industry. View Full-Text
Keywords: blockchain; cost saving; distributed ledger technology; manufacturing industry; real-time transparency; sustainability blockchain; cost saving; distributed ledger technology; manufacturing industry; real-time transparency; sustainability
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MDPI and ACS Style

Ko, T.; Lee, J.; Ryu, D. Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings. Sustainability 2018, 10, 4274. https://doi.org/10.3390/su10114274

AMA Style

Ko T, Lee J, Ryu D. Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings. Sustainability. 2018; 10(11):4274. https://doi.org/10.3390/su10114274

Chicago/Turabian Style

Ko, Taehyun, Jaeram Lee, and Doojin Ryu. 2018. "Blockchain Technology and Manufacturing Industry: Real-Time Transparency and Cost Savings" Sustainability 10, no. 11: 4274. https://doi.org/10.3390/su10114274

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