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Blockchain and Industry 4.0

  • 5/8/2018 1:18:00 PM
Blockchain and Industry 4.0

We live in a fast-paced, instant era where sooner isn’t only better than later, but it is becoming the norm. As more and more companies are giving customers what they want, when they want it, those who aren’t in a position to do so, fall behind. That is why it is essential for businesses to implement smart technology and automate as much processes as possible to improve efficiency, speed and accuracy. The aim: an interconnected, smart factory floor where bottlenecks are cut off at the source even before they exist.

 

Whenever the fourth industrial revolution is mentioned there are many popular buzz tech terms that come up too. The Industrial Internet of Things (IoT), Big Data, Virtual Reality, Cloud, Robotics, Cybersecurity are just to name a few. A technology term that has gained a lot of popularity lately as a result of the bitcoin craze is blockchain (cryptocurrency). Blockchain technology could become one of the most important technologies within the Industry 4.0 sphere.

 

What is blockchain?

Blockchain has been around for quite some time. It was developed in 2008 in order to power bitcoin, which launched in 2009. However, over the past few years, many companies have found other innovative uses for the technology.

Best explained by Don& Alex Tapscott, who wrote Blockchain Revolution, blockchain is described as: “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

Why could blockchain become important for Industry 4.0?

The entire idea behind Industry 4.0 is a smart interconnected factory floor where devices talk to each other, all of which would need the internet to do so. And unfortunately, the internet isn’t a safe, private world where simple passwords are enough to safeguard data. Without foolproof cybersecurity, Internet 4.0 will never reach its full potential.

 

According to Alexandre Eich Gozzi from Sopra Steria, a digital transformation leader in Europe, blockchain technology can help change the way we think about cybersecurity.

 

“Blockchain technology has the potential to help us innovate in cybersecurity, offering a robust mechanism that is inherently pseudonymised and verified. The innate processes in blockchain technology offer the smart industry ecosystem the possibility to cross-check its own suppliers and devices while guaranteeing the confidentiality of sensitive information,” Gozzi writes.

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