Implications of blockchain technology in Industry 4.0

Georgios Spathoulas and Sokratis Katsikas

Chapter 14 in Handbook of Research on Artificial Intelligence, Innovation and Entrepreneurship, 2023, pp 218-236 from Edward Elgar Publishing

Abstract: The term “Industry 4.0” is used to describe the current technological revolution that tends to digitalize manufacturing and production. Recent achievements in robotics, IoT and machine learning have radically changed the production workflows in multiple domains. However, a number of issues related to cybersecurity arise, due to the increased attack surface that results from digitalizating operational technology. On the other hand, blockchain technology has been one of the most significant advancements for computer science in the recent years and it has been used in different use cases. Bringing blockchain technology to bear in addressing security-related issues associated with Industry 4.0 applications brings many benefits, but also presents challenges. Therefore, the integration of blockchain technology into the Industry 4.0 process should proceed only after careful consideration of the expected pros and cons. In this chapter, we present the implications of blockchain technology in the pillars of Industry 4.0 that it applies to. We discuss opportunities that arise, along with challenges and limitations. The chapter aims at emphasizing the effective and valid use of blockchain technology that will drive Industry 4.0 forwards.

Keywords: Business and Management; Innovations and Technology (search for similar items in EconPapers)
Date: 2023
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