Web3 – a Path to Industry 5.0? How Blockchain Enables New Business Models in Manufacturing
Platforms and web marketplaces in retail have been leveraging an incredibly big market potential through the intelligent use of software. Platform operators offer convenient solutions to connect market participants being released from providing the necessary infrastructure. More and more of such trading platforms are entering the area of contract manufacturing. But are providers up to the higher privacy and confidentiality requirements of the industry or could they exploit their central role and establish a marketplace that is advantageous for themselves? Festo – a producer of pneumatic and electrical control systems – is working on a blockchain-based solution that supports a fair, decentralized marketplace and also enables new business models such as pay-per-use for mechanical engineering.