Role of Blockchain Technology in Industry 4.0

Abstract

Challenges in the industrial world are evolving rapidly. The game-changing technologies for overcoming these challenges on the path to Industry 4.0 are digitization and automation. We can control and improve every area of supply chain and manufacturing processes with the aid of Industry 4.0 technologies. It offers access to the real-time data and insights we need to run a company more profitably and efficiently. As a result, one can make better, quicker business choices. Supply chains and manufacturing processes may be built with the use of Blockchain technology. In this chapter, the connection between Blockchain and Industry 4.0 is made clear. The nine pillars of Industry 4.0 are defined as the core value drivers of the manufacturing process. The next part provides a quick overview of the characteristics of Blockchain technology. The final section investigates the function of Blockchain in Industry 4.0 through the use of different applications.