Blockchain in the Era of Industry 4.0

Abstract

This chapter elaborates the fourth industrial revolution and its components within the scope of Industry 4.0 and blockchain and cryptocurrencies. It presents the scope of blockchain technology and its correlation with Industry 4.0. The chapter highlights the changes that blockchain can bring in the industrial architecture with a potential use case. As the previous industrial revolution was led by innovations in manufacturing processes and systems, the advancement of Industry 4.0 will be driven by a smart, interconnected, pervasive environment. Davies of European Parliament also defined the fourth industrial revolution in 2015 as follows: Industry 4.0 is a term applied to a group of rapid transformations in the design, manufacture, operation and service of manufacturing systems and products. Manufacturing industries of the fourth industrial revolution will have the abovementioned components. Since both blockchain and Industry 4.0 are in their infancy, there will be technical and social issues and challenges on their adaptation.