Updated: Feb 16, 2019
Is Blockchain going to play a major role in the Industrial Revolution 4.0?
Decentralization has become a center of discussion for almost every sector and with this, we are beginning the new age of technology powered by Blockchain.
Let's take a brief overview of Industry 4.0
Fully integrated, collaborative manufacturing systems which give the response in real time to meet changing demand and conditions in the factory as well in customer needs, promises for better collaboration between Machines and humans counterpart.
The Journey from 1.0 to 4.0
1.0 – Mechanical Production steered by water & steam power
2.0 – Mass Production and assembly lines are driven by electricity
3.0 – Partially Automated Production handled by Computers
4.0 – Fully Automated Production charged by Cyber-Physical systems
The foundation change of 4.0 is the way products (which consist of goods & services) being produced & delivered, it’s all about connectivity it has totally changed the way the industry reacts to needs of the society, alike than previous industrial revolution where led by innovations, manufacturing processes, and systems, the advancement of industry 4.0 would be driven by smart interconnected pervasive environment.
Smart Factory at the heart of Industry 4.0, which has the ability to predict changes, quickly adopt operations to meet the demands.
5 Core features of Smart Factory
Connected – Humans, machine, processes are all interconnected to provide real-time data which helps in decision making
Optimized – It has increased productivity with minimum human interaction and effective outputs
Transparent – Live metrics like demand forecasts, order tracking allows for real-time decision making
Proactive – Risk related to supplier quality issues, safety monitoring are anticipated in advance which will keep the process on time
Agile – Adaptable changeovers, implementation of product changes happen in real time and configurable factory layouts and types of equipment
So far we know that Industry 4.0 combines technologies like Big Data, AI – Robots, IoT, Cloud, Cyber Security, and Augmented Reality..…So now What next??
Blockchain towards securing the whole Process by making it “Smartest”
Adding more to this Blockchain is already in process of performing frictionless and transparent financial transactions, among the number of smart devices makes it necessary for the economic shift that industry 4.0 entails. Here’s an idea about how blockchain can help in terms of Resilience, Scalability, Security, and Autonomy.
Another main question of the industry is cybersecurity, blockchain represents a potential antidote to the cybersecurity risks of the industry. Likewise, Blockchain is gearing up to its maybe we can say to 3rd gear in Supply Chain, Retail, Banking, and Financial Industries taking up all the challenges and issues followed by giving a basic level of solutions which will get upgraded in coming days.
As industry 4.0 combines these technologies which completes half of the process, on the other hand, we need a secured network working back end which protects the communication of sensors from malicious actors, here comes Blockchain into Picture, as blockchain data is in decentralized platform instead of the traditional database tracking becomes harder and this reliability of blockchain helps users by saving additional expenses on protection.
Future of Industry 4.0 is now seen towards using Blockchain for data sharing, in coming days we could say that it has become common as automated conveyor belts. It will not only innovate and help the industry to grow and create more value but also benefit it with relatively low cost.
Want to be a leader? Plan ahead, fight radical change and embrace the fact that it’s time for manufacturers and technology professionals to step up and start making bold moves if not you will be left behind!!!!!
There is still space for the leader of a new revolution to immerse but the race has already started.