Improving business operation efficiency by using Smart Contract

Abstract

Industrial Internet of Things (IIoT) is a distributed network of smart sensors, edge gateways, cloud-based applications (e.g. SaaS), which enables precise data monitoring and control of complex industrial process over arbitrary distances. Blockchain technology allows us to have a distributed peer-to-peer network where members can interact with each with a trust-free condition. Smart contract, residing on blockchain technology, is defined in digital form, including agreements on which contract participants can execute these commitments [1]. Several researches have already studied the combination of IoT and Blockchain (especially smart contract) technology, however mainly focused in the framework level [2][3]. This paper will make an experimental study of how smart contract can improve the business operation efficiency together Industrial IoT solution, and further bring new business models to maximize the revenue.