The Asian publication Nikkei reported last Monday that about 100 Japanese companies have signed an agreement in order to use crypto's underlying tech to share information.
The project, which includes Mitsubishi Electric and Yaskawa Electric among others participants, aims to increase efficiency as well as to reduce the risk of data leakage and operating costs.
Under the terms of the agreement, all participants will be able to use blockchain technology to share information on product design, the status of production equipment and quality inspection.
However, the most remarkable aspect of the project is that the use of blockchain tech allows participants to decide how much information they want to share, whether they want to share it with one or more companies or whether they want to charge a fee for such information.
Why it is important
- So far, companies have kept all internal information with great secrecy since it could be used by their competitors. However, blockchain technology will now allow them to safely share their information with the companies they choose, which will boost productivity thanks to the exchange of their know-how.
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