Simón Fernández Vázquez1 , Rafael Rosillo1, Paolo Priore1 & Javier Puente1
1 Business Management Department, University of Oviedo
Keywords: blockchain; smart contracts; supply chain; sustainability
1. Introduction
Blockchain’s diverse characteristics, such as smart contracts, decentralization, transparency, traceability, data integrity, and data security, together with a consensus system, allow it ideal for usage in today’s competitive global industries [1].
2. Objectives
Security problems can be resolved by using Blockchain’s revolutionary technical platform, which has recently transformed the market of computer safety and efficiency [2]. As a foundation for distributed ledgers, Blockchain provides a transparent and collaborative platform for making transactions in both business and industry sectors.
3. Methods
Through an intense investigation of the literature surrounding Blockchain in Industry 4.0, areas such as micropayments and its applications will be studied. Micropayments are another use of IoT (Internet of Things) technology in which this Blockchain can shine. Traditional payment schemes are not the right option for a large number of small micropayments because of their high transactional costs and reduced capacity [3].
4. Results
Industry 4.0 entails the seamless integration of operations in all elements. The output processes performed by the distributed public ledger should be coordinated and reconciled between the Blockchain’s individual nodes [4].
5. Conclusion
The evolving application and deployment of Blockchain in Industry 4.0 is in its early stages, since this is a new area with many unknowns. Some recent studies show that the majority of the approaches are applied to specific structures in order to simplify horizontal integration.
References
- Fernandez-Vazquez, S., Rosillo, R., De La Fuente, D., Priore, P. (2019), “Blockchain in FinTech: A Mapping Study”, Sustainability, 11(22). https://doi.org/10.3390/su11226366
- Ahram, Tareq & Sargolzaei, Arman & Sargolzaei, Saman & Daniels, Jeff & Amaba, Ben. (2017). Blockchain technology innovations. 137-141. https://doi.org/10.1109/TEMSCON.2017.7998367
- Hassan, M., Rehmani, M., Chen, J. (2019). Privacy preservation in blockchain based IoT systems: Integration issues, prospects, challenges, and future research directions. Future Generation Computer Systems. http://dx.doi.org/10.1016/j.future.2019.02.060
- Angrish, A., Craver, B., Hasan, M., Starly, B. (2018). A Case Study for Blockchain in Manufacturing: “FabRec”: A Prototype for Peer-to-Peer Network of Manufacturing Nodes. Procedia Manufacturing. https://doi.org/10.1016/j.promfg.2018.07.154