Mitsubishi Electric and Yaskawa Electric are among 100 major Japanese manufacturers to enter into a data sharing arrangement underpinned by blockchain, according to a report by Nikkei.

The project aims to boost efficiency, lower the risk of data leaks, and reduce operating costs. It will be overseen by the Industrial Value Chain Initiative, a manufacturers group that launched in 2015 to promote the "internet of things" in Japan.

Similar to the strategic Renault–Nissan–Mitsubishi alliance, the information sharing arrangement will include product design data, the status of production equipment and quality inspection information, thereby improving productivity and competitiveness.

But unlike managing and sharing information on servers, the blockchain offers the business consortium security, flexibility, and assurance of the deals stability. The project lets participants decide how much data to share, whether to share it with one or more companies, as well as whether to charge a fee for the information.

Nikkei reports that the blockchain initiative will lift Japan's manufacturing sector as a whole by attracting not just big corporations with advanced production technologies but also smaller players that are unable to invest large sums.

The project will launch next spring.

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