Blockchain technology – a new approach in business environment

IGI Global, 2022

Industry 4.0 (also known as smart manufacturing or Industrial Internet of Things (IIoT)) refers to a major change in the way products are manufactured and delivered, with a focus on industrial automation and the flexible factory-backed with several technologies that include the Internet of things (IoT), cyber-physical systems, and artificial intelligence. Industry 4.0 gave birth to a new age of smart manufacturing, automated supply chain, and personalized goods and services. Meanwhile, the rise in the application of blockchain technology (BCT) in different sectors propels the industry 4.0 model to extend its scope. This chapter discusses how BCT can act as the enablement of Industry 4.0. The modified e-Delphi methodology aimed at gathering the opinions of recognized experts was used. The findings present the potential that BCT brings, uses cases along with emerging issues. Emerging issues such as BCT security, interoperability, smart contract issues, digital twin issues, energy issue in crypto-coins mining, ethical and legal issues are discussed and solutions are proposed.

International Journal for Research in Applied Science & Engineering Technology (IJRASET), 2022

Blockchain: Industry 4.0 involves innovations with upcoming digital technologies, and blockchain is one of them. Blockchain can be incorporated to improve security, privacy, and data transparency both for small and large enterprises. Industry 4.0 is a synthesis of the new production methods that allow manufacturers to achieve their target more rapidly. Research has been conducted on various Industry 4.0 technologies like Artificial Intelligence (AI), Internet of Things (IoT), Big data, and Blockchain, and how they could create significant interruptions in recent years. These technologies provide various possibilities in the world of manufacturing and supply chain. Blockchain is a technology that has gained much recognition and can enhance the manufacturing and supply chain environment. Various fields now have fascinating insights into the advantages of blockchain. Several research articles on "Blockchain" and "Industry 4.0" from Google Scholar, Scopus, and other relevant sources are identified and reviewed for this study. This paper discusses the major potential of Blockchain in Industry 4.0. Various drivers, enablers, and associated capabilities of Blockchain technology for Industry 4.0 are discussed for insights. Different Industry 4.0 spheres/sub-domains for Blockchain technology realisation are also discussed. Finally, we have identified and studied fourteen significant applications of Blockchain in Industry 4.0. It is a range of new developments and hope for immense opportunities that are changing Industry 4.0. This technology would work to achieve amplified outcomes and work individually to enhance the process.

International Journal of Scientific Research in Science and Technology, 2019

In this research paper the researcher given the analysis report of blockchain technology and its significant usage in new era of digital economy. The researcher stated that block chain technology is a network software protocols that enables the secure transfer of money, assets, and information via the internet, without need a third party intermediary. The researcher focused on some of the significant research issues and new dimension of centralized data centers, distributed ledger technology, specific times tamped with a unique cryptographic signature, tamper-proof auditable history of all transactions. In current scenario the block chain technology provides highly secure data in all aspects using cryptography, fingerprint that verifies the authenticity of the data. Alteration of the original data causes the hash of the altered data to no longer match the original fingerprint. Transactions on the blockchain are grouped and stored in blocks. The combined hash of these transactions is also stored, and each subsequent block saves the combined hash of the previous block. The resulting digital applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment secure channels which provides a new era of digital economy. In this research article the researcher focused on some of the significant research issues and challenges, statistical report of current blockchain technology usage and future direction for highly secure technology of new era of digital economy.

Blockchain: Research and Applications, 2021

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2022

Block-chain is getting famous and one of the most widely recognized subjects can be thought of it has additionally changed the ways of life of many individuals in specific fields, in view of the effect on organizations and joins. Blockchain guarantees more dependable and fitting assets and it is exceptionally vital to remember that security and protection have a few deterrents as any innovation in this fields. The range of blockchain applications is extremely reached out into various regions in banking, wellbeing, car, the Internet of Things (IoT) and so forth. Numerous concentrates on focus on utilizing the block-chain information model in various executions. Motivated from these facts, in this paper, we present a systematic review of various blockchain-based solutions and their applicability in various Industry 4.0-based applications. In this paper, we attempt to portray block-chain innovation by talking about its model of information security and protection point of view with various agreement calculations, as well as issues and open doors in blockchains.

Technological Forecasting and Social Change, 2020

Blockchain is one the most remarkable technological innovations of the 21st century. The most notable application of blockchain is in the development and operation of cryptocurrencies (e.g. bitcoin, ethereum, among others). Besides the financial services industry, blockchain is also considered in other sectors such as international trade, taxation, supply chain management, business operations and governance. However, blockchain has not been examined comprehensively in all areas of relevant literature. This article conducts a survey of the literature to gain an understanding of the opportunities and issues presented by blockchain in various business functions. The article begins by providing a discussion regarding how the blockchain technology operates. The paper takes a broad focus in its analysis of the prospects of blockchain for various business functions, including banking and the capital markets, corporate governance, international trade, and taxation. The paper demonstrates how organisations and regulators can leverage blockchain to upscale business operations, enhance efficiency and reduce operational costs. The key drawbacks of blockchain that stakeholders need to bear in mind before adopting the technology are also highlighted. The article also reflects on how organisations can tap into blockchain to reap the full potential of the fourth industrial revolution.

DYNA INGENIERIA E INDUSTRIA

The Industry 4.0 (I4.0) concept was born in Germany in 2011 as a way to identify the fourth industrial revolution [Fig. 1]. In this new phase the automation reaches a higher level, enabling the machines to operate independently or in coordination with humans, incorporating features as self-learning, self-cognition, and self-customization for improving their overall performance and flexibility. It has been driven by technological advances that allow the creation of a cyber-physical system, such as the Internet of Things (IoT), cloud based manufacturing, big data analytics, augmented reality systems, and advanced robotics among others [1].

IEEE Access, 2019

Blockchain as emerging technology is revolutionizing several industries, and its abundant privileges have opened up a bunch of research directions in various industries; thereby, it has acquired many interests from the research community. The rapid evolution of blockchain research papers in recent years has resulted in a need to conduct research studies that investigate a detailed analysis of the current body of knowledge in this field. To address this need, a few review papers have been published to report the latest accomplishments and challenges of blockchain technology from different perspectives. Nonetheless, there has not been any bibliometric analysis of the state of the art in blockchain where Web of Science (WoS) has been taken into consideration as a literature database. Hence, a thorough analysis of the current body of knowledge in blockchain research through a bibliometric study would be needed. In this paper, we performed a bibliometric analysis of all Blockchain's conference papers, articles, and review papers that have been indexed by WoS from 2013 to 2018. We have analyzed those collected papers against five research questions. The results revealed some valuable insights, including yearly publications and citations trends, hottest research areas, top-ten influential papers, favorite publication venues, and most supportive funding bodies. The findings of this paper offer several implications that can be used as a guideline by both fresh and experienced researchers to establish a baseline before initiating a blockchain research project in the future. INDEX TERMS Blockchain, bibliometric study, Web of Science. I. INTRODUCTION Since the innovation of Bitcoin, a digital cryptocurrency, in 2008 [1], Blockchain technology has positioned itself in the focal point of interest among a diverse range of researchers and practitioners. Blockchain is a decentralized ledger that stores all transactions that have been made on top of a peer-topeer network in a secure, verifiable and transparent way. The main advantage of Blockchain over the existing technologies is that it enables the two parties to make transactions over the Internet securely without interference of any intermediary party. The omission of the third party can reduce the processing cost while improving the security and efficiency of transactions. Due to the considerable amount of benefits that Blockchain can bring in every industry, its significance level has been compared to the role of the Internet in the early 1990s [2]. Blockchain is revolutionizing various industries, ranging from finance [3]-[5], Internet of Things (IoT) [6]-[11], The associate editor coordinating the review of this manuscript and approving it for publication was Maurizio Tucci.

Blockchain Technology has gained momentum in last 10 years with advent of cryptocurrencies especially the Bitcoin. In the year 2008, Satoshi Nakamoto, the pseudonymous creator of Bitcoin conceptualized the empirical functioning of Blockchain Technology by issuing virtual currency called and United States with annual revenue of more than $500 Million for US based companies and more than $100 Million for non US based companies and it was analysed that: Research & Development in Blockchain Technology has been one of the top five priorities of 86% companies of total sample size. Not able to derive the advantages or being late in application around BlockChain 77% companies are found to be afraid of losing competitive advantage. Implementation barriers, regulatory issues and uncertainty about Return of Investment are major reasons behind companies being reluctant to invest here though aware of its benefits. There are enough evidences that global market is optimistic about Blockchain technology. In tracking high value cargo FedEx is using this technology. To reduce the contamination in supply chain IBM is providing solutions to Walmart completely providing a Private Blockchain Network. Microsoft is providing private Blockchain straits in its cloud computing software i.e. Microsoft Azure.