Blockchain technology is being used to solve real-world problems with existing technologies in the industrial sector, with a specific focus on Industry 4.0 (manufacturing, energy, food, etc.).
Blockchain technology is an innovative digital technology, with new concepts of trust, decentralized storage and verification of data across a network of computers (i.e., distributed ledger technology) that can be used for applications in the domain of Industry 4.0. Industry 4.0 uses automation to gain new insights into the product itself.
A good example is the case of using blockchain to detect counterfeit cosmetics, where the blockchain was used for storage of information about each product. The product is analysed, and using IoT sensors, the blockchain detects the counterfeit product. If this type of technology becomes common, it will drastically reduce fraud in the cosmetics industry and will make cosmetic products safer for the consumer.
The first use case for Industry 4.0 was the tracking of an object, such as a train. Industry 4.0 now has broader blockchain technology applications in the following fields.
1. Security industry
Blockchain technology is used in the manufacturing of smart grids and electricity.
With smart grids and electricity that use blockchain technology, users can easily detect abnormal situations.
Blockchain technology has also been applied to the management of smart parking spaces.
Industrial manufacturing facilities and companies are becoming more connected. For example, sensors are installed in facilities, manufacturing processes, and products are connected.
In addition, smart cars and connected cars are becoming more common, allowing easy access to information and the tracking of cars.
The application of blockchain technology to information on the Internet of Things allows the collection of information from various information sources.
The application of blockchain technology to smart parking spaces makes the management of parking spaces more efficient.
2. Logistics industry
Tracking the use of the Internet of Things in logistics will provide convenience to the user and improve communication between users.
The blockchain has many application areas in the logistics industry. If companies have various products with various standards, blockchain technology will be used in the logistics and supply chain sector to simplify the management and communication of the entire process.
Blockchain technology in logistics can help manufacturers to understand the supply chain and find ways to improve the efficiency of their business.
The blockchain will be applied to the collection, processing, and delivery of products as well as the storage of information, including the management of goods.
3. Medical industry
The blockchain will be used to record information about the patients in the medical industry.
As part of Industry 4.0, various sensor devices will be connected to the Internet of Things and connected to a blockchain.
The blockchain will be used to provide a digital record of information. With a blockchain, health information can be easily collected, recorded, and shared, and can be transmitted to all the patients.
4. Retail industry
The blockchain can be applied to the retail industry in the real world. For example, blockchain technology can be used to collect data about the consumers of the retail stores.
In the application of the blockchain in the retail industry, the blockchain is not limited to a store level, but can be used to manage information throughout the entire retail process.
The blockchain is an important element of Industry 4.0 and should be used in various industries. The technology is a very useful tool for various industries and will change the future of industries.
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Conclusion
What we’ve learned about the blockchain technology applications is that: it was designed to disrupt the very foundations of power and money distribution. So, with this knowledge, it can be used to revolutionize industries and change the world as we know it.
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