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Using Blockchain to Decentralize Product Development

Using Blockchain to Decentralize Product Development

Rathishchandra Ramachandra Gatti, Chandra Singh
Copyright: © 2023 |Pages: 11
ISBN13: 9781668480885|ISBN10: 1668480883|ISBN13 Softcover: 9781668480892|EISBN13: 9781668480908
DOI: 10.4018/978-1-6684-8088-5.ch006
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MLA

Gatti, Rathishchandra Ramachandra, and Chandra Singh. "Using Blockchain to Decentralize Product Development." Emerging Technologies and Digital Transformation in the Manufacturing Industry, edited by Fernando Ortiz-Rodriguez, et al., IGI Global, 2023, pp. 94-104. https://doi.org/10.4018/978-1-6684-8088-5.ch006

APA

Gatti, R. R. & Singh, C. (2023). Using Blockchain to Decentralize Product Development. In F. Ortiz-Rodriguez, S. Tiwari, L. Hernández-González, & A. Tiburcio (Eds.), Emerging Technologies and Digital Transformation in the Manufacturing Industry (pp. 94-104). IGI Global. https://doi.org/10.4018/978-1-6684-8088-5.ch006

Chicago

Gatti, Rathishchandra Ramachandra, and Chandra Singh. "Using Blockchain to Decentralize Product Development." In Emerging Technologies and Digital Transformation in the Manufacturing Industry, edited by Fernando Ortiz-Rodriguez, et al., 94-104. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-8088-5.ch006

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Abstract

Digital technologies such as IoT, Cloud, and mobile computing have enabled product innovation, consumer interactions, and efficiency. Blockchain technology has altered how organizations work, providing a paradigm shift in resilience, security, and efficiency. Blockchain enables agile value chains, product innovations, and technological fusion. Every company considers research and product development expensive. Investments are risky, especially if the new product version differs considerably from their current portfolio. Firms must share high investment risks through joint ventures or cooperative product development. However, for collaborative product development, trust and transparency must be vital. Decentralizing design data interchange, funding, and marketing with correct crediting of contributions is one of the methods for multiple-organization collaboration. Blockchains technologies can be employed for such collaborations. This study explores how blockchain can decentralize product development worldwide to meet security, scalability, efficiency, and incentivization criteria.

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