Industry 4.0 - The Fourth Industrial Revolution & Blockchain Technology

The past industrial centuries have experienced many recasts and evolution. Since the industrial revolution period, firms have diverged into many categories of industries in terms of their business models. The transformation of industries has been both chaotic and beneficiary circumstance. It delineates straight to the upgradation of the enterprises. We live in the age of Artificial Intelligence, where humans no more labor to increase their industry function and expand their business quantity and quality. 

We can see the parallel growth of technology and industries. Industrial technology has expanded to automate businesses with different methodologies. The stereotypical business requirements like customer satisfaction and intelligent work processes remain the same. Formative improvisation focuses on technology advancement, efficiency, fast production, and enhanced methodologies. In this article, you'll see how the individual industrial revolutions have shifted the world into a digital verge and learn about Industry 4.0 and blockchain integration in the fourth industrial revolution. 

What Is Industry 4.0?

Industry 4.0 is a concise representation of the concept "Smart Factory" with the development of Industrial technologies like the Industrial Internet of Things (IIoT) via Automation, Interconnectivity, Machine Learning, Real-time Data Processing, and Digitization. It is an emerging age of connectivity and interaction among sections, machines, and humans that have the prospect of creating immense production and efficiency dividends, and sustainable environmental outcomes. 

Industry 4.0 have become the welcome-replacement. It will switch into the fourth industrial revolution that will be established on trusted networks to satisfy the manufacturing and supply chain industry via automation and coherent data exchange through cyber-physical systems, IoT, Big Data, Cloud computing, IIOT, and Artificial Intelligence. 

History of Industrial Revolutions

The history of the Industrial revolution can periodically divide into four parts - Industry 1.0 - The First Industrial Revolution Industry 2.0 - The Second Industrial Revolution Industry 3.0 - The Third Industrial Revolution and Industry 4.0 - The Fourth Industrial Revolution. 

Industry 1.0 was the period of the "Rise of Machines" as machines started to imitate human work. Factories have become more prevalent and powerful.  "Factory electrification" propelled the second industrial revolution. The 20th century was the scientific and technological revolution that resulted in the development of Supercomputers. Industry 4.0 is far loftier than the other period. It is the period of the "Digital Revolution" as machines can now communicate via a network known as IoT (Internet Of Things) and with humans known as the Internet Of People (IoP). 

Principles and Goals Of Industry 4.0

• Interconnectivity
• Information or Data Transparency
• Explicit Technical Assistance
• To Accomplish Decentralized Solutions

Interconnectivity

Expand the ability of technology and people to communicate with each other effortlessly in an elegant ecosystem. It increases seamless connectivity between people, machines, sensors, and other devices via IoT.

Information Transparency

Industry 4.0 is an informative-intensive transformation for industry development. As it elevates mass production on the market, So when there is an implementation of automation, it monitors the communication and data transmission in a connected environment of big data, individuals, processes, services, systems, and IoT-enabled industrial assets.

Explicit Technical Assistance

Technical assistance systems are available to make informed decisions in chaotic circumstances. It shifts the role of humans from an operator to problem solvers and decision-makers. It empowers the industry into a smart factory with knowledgeable decisions made on time. 

To Accomplish Decentralized Solutions

IIoT and CPS systems automate the decentralized managerial process. CPS systems are affiliated as they make decisions on their own and complete some tasks autonomously. It provides the ability to combine local and global information to increase overall productivity. 

Which Will Drive Industry 4.0 on the right Path?

 1. Digitization of Vertical and Horizontal Value Chains

Vertical Value Chain

The vertical value chain integrates the company from product development to manufacturing, marketing, sales, and distribution. 

Horizontal Value Chain

Horizontal integration focuses on company performance around its core competencies and seat partnerships to develop an end-to-end value chain. 

2. Digitization of Products and Services Offering Methodology

3. Digitization of Customer Interaction and Customer Profiling

Components of Industry 4.0

Without the following components and technological implementation, the Industry 4.0 venture would be scarce. There are some real-world commodities among them.

1. Mobile Devices (Smartphones)
2. IoT (Internet Of Things)
3. Industrial Internet Of Things (IIoT)
4. Big Data 
5. Artificial Intelligence 
6. Location Detection Technologies (Advanced GPRS Method)
7. Smart Sensors
8. Augmented Reality
9. Machine Learning 
10. Fog, Edge, and Cloud Computing
11. 3D Printing
12. Fraud Detection Technologies

The overhead entities are classified into five major categories below.

1. IoT
2. Cyber-Physical Systems
3. Cloud Computing
4. Cognitive Computing
5. Real-Time Data processing

Which Businesses or Industry Must Adopt Industry 4.0?

• Supply chain 
• Manufacturing 
• E-commerce
• Wholesales and Retail businesses. 
• Business to Business service providers and Business consumer service providers
• Agriculture
• Information technology Business
• Data Science companies

and more.

List of Challenges in Adapting Industry 4.0  

1. Economic Challenge

• Elevated Installation Costs
• Adjusting the New Business Work Model

2. Social Challenge

• Loss of Jobs

3. Administrative Challenges

• IT Security Issues
• Dependability in Machine-to-Machine Communications
• To maintain the integrity of the Production process
• Scarce qualification of workers
• Low Involvement of top management

Now let's glance at how The Brainiac of Technologies - Blockchain, could sustain the execution of Industry 4.0 across different industries.

Blockchain in Industry 4.0  

The following concepts will show how to implement blockchain technology for the cause of industry 4.0.

The topmost challenges of adapting industry 4.0 are 

1. Implementing data transparency, 
2. The decentralized decision-making process, 
3. Inter-connectivity,  
4. Ease of data exchange, 
5. Automation, 
6. Informed decision, 
7. Scalability of machines or device implementation for mass production, 
8. Traceability in SCM

"Blockchain technology" is a powerful technology that could fulfill the recent challenges. Suppose we can merge blockchain technology into the other branches of industry 4.0. In that case, Industries could shatter all the hindrances and assign the ideas of an established factory with IIoT devices designated with the Blockchain process. 

Blockchain Use cases In Industry 4.0

Here are the unique use case of blockchain in manufacturing (i,e) blockchain in industry 4.0

1. With favorably transparent information traceability, blockchain can automate and incorporate the supply chain process.
2. Can assure Industrial IoT processes, functionalities, and Data exchange between the IIoT devices.
3. Data Processing and Data Analyzations with Big Data could be more efficient.  
4. Blockchain with artificial intelligence.
5. Scalability
6. Data Transparency
7. Decentralization

Decentralized blockchain technology assists during the critical situation faced by industries while expanding their machines and devices. Hence blockchain will be the only option to meet all the technical needs.

The Futurity of Blockchain Technology

When the Blockchain concept was introduced, it was difficult for people to understand its core features. But within 2 to 3 years, it has evolved significantly, as people embraced its importance. 

Blockchain has become a progressive technology in the digital revolution alongside AI, IoT, Big data, AR, VR, and so on. This article depicts how blockchain technology will be in the future and what are the use cases. That could boost some exceptional industries across the world.

Final Views about Blockchain in Industry 4.0

Blockchain technology is irresistible. It is necessary to adapt, implement and test the notion of industry 4.0. The concept of industry 4.0 will create a digital revolution across the world. 

If you want your business connected as part of the fourth revolution, get associated with our Blockchain Development Company. We are keen to serve you with enterprise-level blockchain undertakings for any industry.