- A new report published by The Alan Turing Institute and Lloyd’s Register Foundation identifies significant potential for engineers to use distributed ledger/blockchain technology to improve safety
- However, understanding of this new technology remains a major issue and increased education is needed in order to see it have impact in the engineering sector
Distributed ledger technology-often referred to interchangeably with ‘blockchain’-has become big business. Financial services are pouring investment into it in the wake of the famous bitcoin currency, and there are many more industries keen to capitalise on this new digital system.
However, do we have a full enough understanding of the opportunities and limitations of this infant technology? How far is distributed ledger technology applicable in major engineering sectors such as manufacturing, energy, transport and infrastructure?
The report found:
- There are obvious challenges within engineering where distributed ledger could help, for example its potential to provide transparency and traceability could help to assure supply chain provenance, maintenance cycles, and the monitoring of Internet of Things networks, enabling industry to quickly identify fraud and identify when something goes wrong
- However, there is significant confusion around the understanding of what distributed ledger is which could have serious implications for business. Part of this stems from the terminology, with many people using the ‘blockchain’ term as a catch all for a range of system technologies.
- There is no ‘one size fits all’ solution. Many engineering systems are not 100% digital, and distributed ledger needs to be adapted to cater for industries with physical, as well as digital components
- The scalability of distributed ledger also needs to be carefully considered in order for it to apply to the engineering sector, which often requires processing of vast quantities of data.
- The report calls for education and more support from standards bodies to define and professionalise the technology
Gary Pogson, author of the report, commented:
“We spoke to a wide range of industrial professionals and researchers to inform our report. It’s clear from this research that distributed ledger technology could provide real benefits within certain areas of engineering. However, in order to cut through the hype, a greater understanding of the range of potential system configurations and their capabilities is needed, together with practical implementation of real case studies that demonstrate impact to potential investors.
I hope this report is the first step in beginning this process, and I look forward to working with Lloyd’s Register Foundation, The Alan Turing Institute and the wider engineering and data science community on taking the recommendations forward.”
This report is published following a six-month research project undertaken at The Alan Turing Institute as part of their programme with the Lloyd’s Register Foundation on data-centric engineering. For more information, visit turing.ac.uk/data-centric-engineering.
For more information please contact:
Chizom Ekeh, Communications Officer, The Alan Turing Institute
Group Communications Director, Corporate Communications, Lloyd’s Register
T +44 (0) 20 7423 1725
M +44 (0) 7825 734991
Notes to Editors
About the author
Gary Pogson is a Lead Specialist within Lloyd’s Register’s Marine and Offshore Innovation team. He has also been working on secondment at The Alan Turing Institute to research engineering applications of distributed ledger technology in support of the Lloyd’s Register Foundation funded Data Centric Engineering Programme. Gary is a Chartered Engineer and a Member of the Institution of Mechanical Engineers. He has a background in R&D and systems engineering and has been with Lloyd’s Register for nearly six years. Initially with the Marine Product Development and Engineering Systems teams, working on the development of LR’s Rules, quality schemes and international requirements, he now works to develop innovative new products and services for LR clients. Prior to Lloyd’s Register, Gary worked as a sub-system lead engineer at Cobham Mission Systems – Flight Refuelling ltd, designing air-to-air refuelling systems, and he also spent eleven years at DERA/QinetiQ developing smart materials.
About Lloyd’s Register Foundation
Lloyd’s Register Foundation is a charity set up in 2012, with a mission to enhance the safety of life and property and to advance public education in engineering-related subjects. Its vision is to be known worldwide as a leading supporter of engineering-related research, training and education that makes a real difference in improving the safety of the critical infrastructure on which modern society relies. In support of this, it promotes scientific excellence and act as a catalyst working with others to achieve maximum impact. We draw on a long and distinguished history dating back to 1760 through our trading arm, Lloyd’s Register Group Limited (LR), with its tradition of public benefit.