Secure Data Exchange Japanese Industry Relies on Blockchain

Misubishi Electric and Yakasawa Electric are among about 100 Japanese companies that use blockchain technology to securely exchange data with each other.

Because the data is very powerful: it could enable competitors to draw interesting conclusions, which would not be in the interest of one of the companies involved. On the other hand, each of the companies could benefit from the data of the others. So what should you do? Now, as part of the Industrial Value Chain Initiative, a marketplace for data is to be created. Each of the participating companies can decide for itself how much and which data it wants to exchange with one or more companies and also whether the data should be available free of charge or how much it should cost.

According to the Nikkei Asia Review, the project will start next spring to give Japanese mechanical engineering a new boost. Because now the individual companies can work no longer only alone on IIoT and industry 4,0 projects, but exchange themselves, which would accommodate particularly smaller fellow players, who could not afford to invest large sums in industry 4,0 projects. By accessing the data, machine users could, for example, start up their part production faster, machine maintenance could be improved, and machine parts could be replaced before an unforeseen machine standstill occurs.

The Japanese "Industrial Value Chain Initiative" was founded in 2015 with the aim of promoting the Internet of Things in Japan's industrial environment.