Machine as a Service: How blockchain tech will transform the procurement process for industrial machinery

SME Media

Overview

Date: Tuesday, June 25, 2019
Time: 02:00 PM Eastern Daylight Time
Duration: 1 hour


Register Now

Summary

The procurement process for industrial machinery today is much the same as it was at start of the Industrial Revolution. The milestone-based process looks very antiquated when viewed from the perspective of all the Industry 4.0 tech that’s generating massive amounts of machinery performance data.

This data contains the keys to optimizing machinery, increasing sales and improving profitability for machinery manufacturers. So, why isn’t it being used to manage the procurement process?

The reluctance comes down to data management. Without an objective, secure, transparent and audible shared record, it is very challenging to develop automated business processes linked to machine performance. Historically, industrial companies have been unable to develop standards for interoperability between plant-floor data and their enterprise systems—and the idea of integrating these databases across the industry has always been seen as a pipe dream.

Enter blockchain.

When the same capability that enables transparent and secure cryptocurrency transactions is applied to industrial data, it resolves many of the underlying challenges associated with deploying Machine-as-a-Service business models.

Join this webinar to learn how Steamchain developed its “Secure Transaction Engine for Automated Machinery” (STEAM) product in order to create the industry’s first automated business process platform for deploying Machine-as-a-Service solutions.




Michael Cromheecke
CEO
Steamchain


Prior to funding Steamchain with a group of colleagues, Michael Cromheecke spent 20 years working with many global manufacturing technology suppliers. His background includes building next-generation servo-robotics businesses and developing one of the first cloud-based software platforms for machinery manufacturers. His recent venture is a result of years of assessments he compiled of IoT companies and business models targeting the manufacturing sector. Michael has a degree in mechanical engineering from Michigan Technological University.