Blockchain, transparency and trust: Securing the future of electrification
Digital transformation
27 September 2024
8 min
Blockchain

Blockchain technology has revolutionized sectors ranging from finance to healthcare, thanks to its secure, decentralized ledger system that ensures data integrity and transparency.

But beyond these more well-known applications, blockchain is emerging as a powerful tool in industries that require robust traceability and certification, particularly electrification. As electrification systems grow more complex, with vast networks of power grids, renewable energy sources, and increasingly digitized infrastructure, the need for accurate, real-time data and secure tracking systems becomes paramount.

Let’s explore how blockchain is making waves across different sectors and dive into how it’s revolutionizing the electrification industry, particularly in the realm of anti-counterfeiting systems.

Blockchain’s broad impact: A new era of certification

Blockchain’s unique structure allows it to certify and trace products with unparalleled accuracy, making it a game-changer across multiple sectors:

  • Pharmaceuticals: Combating counterfeit drugs, ensuring safety and compliance with regulations like the U.S. Drug Supply Chain Security Act (DSCSA).
  • Food safety: Enhancing safety through transparent data sharing, rapid identification of contamination sources, protecting consumers and brands.
  • Luxury goods: Protecting against counterfeiting, preserving brand value, providing consumers with confidence in the authenticity of high-end items.
  • Aerospace: Ensuring compliance with regulatory standards, reducing the risk of accidents and equipment failures.
  • Energy: Promoting sustainable practices by tracking renewable energy certification, supporting initiatives to reduce carbon footprints.
  • Agriculture: Verifying product standards and traceability, improving transparency and accountability in the supply chain.
  • Manufacturing and electronics: Ensuring ethical sourcing, promoting responsible practices, avoiding conflict-ridden regions.

Blockchain is deeply transforming industries by providing enhanced trust, transparency, and safety.

Here are 3 reasons why it is revolutionizing the electrification industry concurrently.

Blockchain in electrification

How Nexans will leverage blockchain: A 5-year projection

Nexans is expecting to develop an anti-counterfeiting system and enhance safety and trust across the supply chain thanks to blockchain in the next few years.

Here’s how:

  • Registering and encrypting certificates at each stage of a cable’s life cycle—from production to installation: These certificates would be recorded directly on the production chain, ensuring that every key event—whether a sale, change of ownership, or installation—is tracked on a secure, tamper-proof ledger.
  • Preventing counterfeit products from entering the supply chain: They can lead to dangerous situations, such as electrical fires or system failures, due to substandard materials and manufacturing. Blockchain solution would help mitigate these risks, protecting both infrastructure and human lives.
  • Collaborating with industry partners to drive blockchain innovation further: By partnering with other leaders in electrification and blockchain development, Nexans will contribute to the advancement of safer, more transparent supply chains. As this technology evolves, the company will continue to future-proof its operations, ensuring that blockchain becomes a central part of its strategy for years to come.

 

Blockchain: A must-have for the electrification industry

Blockchain’s role in certification and traceability extends far beyond its origins in cryptocurrency. Its ability to provide secure, transparent records is revolutionizing industries from pharmaceuticals to agriculture—and electrification is no exception. As Nexans’ anti-counterfeiting system shows, blockchain is enhancing product safety, quality, and transparency across the electrification sector, setting new standards for trust and accountability.

As we look ahead, the electrification industry’s adoption of blockchain will likely expand, ensuring that products and processes remain secure, reliable, and sustainable in a rapidly evolving technological landscape.

Rémi Lancry

Author

Rémi Lancry, Head of Digital Product & Services at Nexans, is a seasoned digital product and services expert with a strong background in both corporate and startup environments. Combining a strong technical background in software development with a deep understanding of business needs, he has successfully led multiple digital transformation initiatives. His expertise in data analytics, digital marketing, and emerging technologies enables him to develop and implement cutting-edge solutions that enhance customer experience and drive business growth.