Implications of Blockchain in Industry 4.O

Abstract

Rapid advancements in Information Technology and industrialization methods have expedited the advent of 4th Industrial revolution also known as integrated industry industrial internet or smart manufacturing. The notion of Industry 4.0 promises unprecedented progress in next generation of manufacturing technology by fundamentally changing the ways of production and value creation with the help of digital transformation in product/service offerings and hori-zontaVvertical value chains. Industry4.0 is underpinned by a spectrum of emerging technologies such as internet of things, cloud computing, machine learning, adaptive robotics, cyber physical systems, artificial intelligence, Industrial Integration, and Service Oriented Computing. Distributed ledger technology also known as blockchain can not only affect Industry4.0 but also has its direct implications in the above mentiond set of technologies. Lack of powerful tools for visibility, accountability and auditing is a major obstacle in complex processes and supply chains of Industry 4.0. In particular, issues of cloning of products, counterfeiting, trickier maintenance and IP theft are crucial teething issues for realizing Industry 4.0, which poses unique challenges. This paper is an effort to break the ground for demonstrating and presenting the use of Blockchain technology in 4th industrial era.In this paper we explore some concepts of industry 4.0 using blockchain technology and see how blockchain enablement is beneficial for industry 4.0. we explore different areas where we can use blockchain technlogy to foster the development in Industry4.0.