Revolutionizing the Industrial Internet of Things Using Blockchain: An Unified Approach

Abstract

Blockchain brings some significant changes in many industries implementing a shared, decentralized public ledger. Characteristics like immutability, autonomy, and transparency make this technology desirable to all sectors. Industry 4.0 becomes more effective in building upon a concrete and robust system like blockchain since its integration provides trust, transparency, and sustainability. It can deal with several aspects of the industry like supply chain, tracking products, payments, database management, security, etc. Unlike other systems, there are some issues with company-level implementation and maintenance of blockchain. The solution to these issues can pave the way for blockchain to make industrial management more successful. In this chapter, we present a brief discussion on blockchain and its architecture. Specifically, we describe the classification and consensus mechanisms that are very important in the blockchain network. We also detail the transaction system in the blockchain. Later on, we discuss the fundamentals of Industry 4.0. Furthermore, we provide an explicit discussion on the usage of blockchain in the industry. Finally, we point out some issues that can create possible future research areas in blockchain for industries.