Leveraging Blockchain Technology in Industry 4.0 and Industrial Internet of Things (IIoT) Scenarios

Abstract

Blockchain is highly known and well renowned in both the industry and academia world. Blockchain technology guarantees benefits in transparency, identification, trustability, credibility, organization, and collaboration as it works on the principles of transparency, decentralization, accountability, and immutability. The adoption of Blockchain technology in Industrial Internet of Things (IIoT) and other various sectors in Industry 4.0 presents the next step towards the future enhancement of blockchain. In this paper, we analyze and focus on various related research and applications of blockchain technology in various sectors of Industry 4.0, especially banking and finance. Despite offering a wide range of benefits and having numerous applications, the pace of integration of blockchain technology with the industry has been relatively sluggish. To overcome these issues, the paper highlights various shortcomings, research potentials, and challenges in the literature. The paper aims to illustrate the scope and importance of Blockchain technology in various sectors of Industry 4.0 as well as the risks associated with its use in parallel. Further, it intends to work as an initial point for future research to promote the application of Blockchain Technology.