Managing Spare Parts Becomes Easy With Blockchain

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Written by
Shivani Tripathi
Published on
October 14, 2022

Spare parts are crucial assets that help sustain operations and productivity of machinery. Furthermore, a spare part is used to replace or repair failed components.

Tracking and tracing spare parts ownership can ensure dependable manufacturing processes and service delivery outcomes. Nevertheless, today's spare part inventory systems fail to deliver trustworthy tracking and tracing of spare parts ownership, which poses severe threats to their genuineness. 

spare parts

Furthermore, existing systems and approaches leveraged for spare part management remain vulnerable to failure. This is where blockchain comes into the picture and helps you better trace and track the spare parts ownership attributes from the original equipment manufacturer (OEM) to the vendor and customers.

Keep reading to learn more about the benefits of blockchain technology in spare part management. 

Benefits of Blockchain in Spare Parts Management

Spare parts management is of paramount significance as maintenance assistance holds an acceptable amount of spare parts to improve average times between device failure and lower the funding in the reliability value chain.

Hence, it considerably reduces the spare part-related delays to improve the system's operational dependability. Below are some advantages of blockchain in spare parts management: 

spare parts

Identification of Counterfeits

An automobile manufacturer might be concerned that garages and service centers in certain markets are intentionally (or otherwise) equipping inauthentic spare parts to their client's cars.

These fake spare parts risk the manufacturer's brand prominence when they fail to offer the desired results or, even worse, cause accidents.

A blockchain-based spare part system linked with IoT detectors and intelligent machines would facilitate the car manufacturer, the service center, and the customer to track spare parts' origin through every stage in the supply chain to their actual manufacture location and date. 

It can be difficult and costly for a warranty team to identify if a warranty claim has been made against a genuine part or if the part in question is a counterfeit grey market or end-of-life.

A blockchain system that delivers complete traceability of part records will make it effortless for the warranty unit to recognize counterfeits quickly. In addition, this will prevent dishonest conduct and lower warranty costs over time.

Better Targeted Recalls

When an automobile manufacturer finds that a part is flawed and may risk the security of the passengers, driver, or other people on the road, they issue a recall notice. This notifies automobile owners to get their cars into an approved service center so that a substitute part can get equipped.

Nevertheless, since most automobile manufacturers cannot uniquely determine every element in every car marketed, they need to administer the recall for a particular model and model year, which can comprise hundreds and thousands of automobiles. 

Still, after the recall term, it sometimes becomes evident that the faulty component is fitted in significantly fewer vehicles. Thousands of clients have been concerned unnecessarily, and recall expenses are far higher than required. This is where blockchain technology can help vehicle manufacturers. 

A blockchain-based system that facilitates the automobile manufacturer to determine every single part uniquely will help them save a tremendous amount of funds in case a future recall is needed.

The manufacturer will understand which faulty part was equipped for which particular automobile. Therefore, they will be able to issue specific recalls for respective vehicles. In addition, the manufacturer will be able to fix just those automobiles at reduced expenses. 

The Bottom Line 

Apart from the benefits above, using blockchain in India for spare parts management can improve vehicle safety across the country.

While the data can be examined by all the parties concerned, it cannot be changed, making it more secure. Likewise, by using blockchain technology, less human labor is required, reducing the level of manual errors as well.

Eventually, the combination of all these attributes makes for an efficient spare parts management process, which can lead to a more fruitful client experience.

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