Blockchain Technology for Industry 4.0

Summary

The Internet of Things (IoT) and blockchain have become the primary technologies that are essential to the development of a smart society. Due to their numerous uses in our daily lives, these technologies are becoming increasingly popular. Industry 4.0 is the advancement of how present businesses operate to attain superior efficiency, end‐to‐end connectivity, lower expenses, and better quality. By utilizing technology from the IoTs, artificial intelligence (AI), or data analytics, it tries to achieve interconnectivity and automation. Better automation and connectivity are not without problems, though. Among them include building trust and dependability, increasing transparency, product traceability, creating a productive supply chain, safely storing and exchanging transactional data, and certification for quality compliance. Blockchain technology is used in several industrial applications because of its decentralization, immutability, authenticity, and transparency properties, and it also has various features related to accessibility, such as smart contract, proof of work, DApps, and so on. Blockchain is not limited to Bitcoin (cryptocurrency); it can be used in many industries like health care, supply management, financial organizations, and so on. The chapter covers the use of blockchain technology in several Industry 4.0 applications and how it might solve their problems. The basics of Industry 4.0 are covered first. Following that, an explanation of blockchain's operation and its potential role in Industry 4.0 is provided. The problems of Industry 4.0 are further discussed, along with potential solutions using blockchain technology. The difficulties associated with applying blockchain technology to the development of Industry 4.0 are also covered in this chapter.