Blockchain based predictive maintainance

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Today's topic to discuss is all about blockchain based predictive maintainance so I would like to cover different aspects about it.

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Blockchain based predictive maintenance is an approach which is leveraging power of blockchain technology and predictive analytics for optimization of maintaining processes.Now there's an in-depth research of this concept I am going to share here;

What is Predictive Maintenance?

Predictive maintenance is using innovative analytics and machine learning algorithms for predicting equipment failures which is permitting for proactive maintenance and minimization of downtime.

Blockchain is enhancing predictive maintenance in following ways;

• Blockchain is ensuring tamper proof and safest storage of data which enables more trust in predictive models.
• Blockchain is facilitating real time data sharing in between stakeholders which may enable fastest decision making process.
• Blockchain have its decentralized nature which is enabling peer-to-peer communication helps in reduction of its reliance at different central entities.
• Blockchain based smart contracts is used for automation of maintaining workflow which may ensure more timely and safe execution.
• Blockchain may be useful for streamlining supply chain management which gives surety of timely delivering of extra parts.

If I talk about some of benefits of Blockchain-based predictive maintenance then these are below;

• If I talk about proactive maintenance then it's really helpful in reduction of downtime and enhancement of equipment effectiveness.
• If I talk about predictive maintenance then it's useful in minimizing in important repairs and in reduction of maintenance costs.
• Predictive maintenance is helpful in recognization of most significant safety hazards which may ensure a safest working environment.
• Blockchain is facilitating collaboration in between different stakeholders which may promote a unified approach for it's maintaining.

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Challenges and Limitations

• Risks about lack in data quality and availability.
• Scalability and Interoperability issues.
• Disturbance in regulatory Frameworks.

Future Directions

• Integrity with IoT Devices.
• Innovations and developments in AI and Machine Learning.
• Advancements of industry specific solutions.
• Global adoption and standardization.

Blockchain based predictive maintenance is an approach which may help in transformation of traditional maintenance practices.With harnessing blockchain power and predictive analysis industries can helps in optimization of maintenance processes which is suitable for reduction in costs and in improvement of overall efficiency. Hopefully topic is clear to understand now.