Industry 4.0 is a new industrial revolution which promotes the idea of integrating all technology such as the internet of things, big data, artificial intelligence, and machine learning to make manufacturing and other business processes more automated.
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.
Blockchain technology applications for Industry 4.0
With blockchain technology, Industry 4.0 processes can also be automated with the following capabilities:
#1 Supply Chain
The first use case of blockchain technology in Industry 4.0 is for the supply chain sector. A blockchain technology application to the supply chain sector is for the food and agriculture sector.
The food supply chain market is estimated to generate over $6 trillion by 2025 and this is because of the increasing number of food products that are being exported and imported.
According to the Food and Agricultural Organization (FAO), in a global network, about $800 billion is being spent in the food supply chain in 2018. In addition to the amount of money spent, there is also an increase in food scams that cost people their money.
This is a problem that can be solved with blockchain technology. One thing that the technology can do is to provide traceability. Blockchain technology can also be used for ensuring quality of food and ensuring food safety. One thing that can be achieved through a blockchain technology is to ensure traceability, especially when there are changes in the supply chain.
#2 Securing the future of autonomous industry
The next use case of blockchain technology in Industry 4.0 is for the automotive industry. Blockchain technology in the automotive industry is the first use case in this industry.
A blockchain technology application can be the way to automate different processes for manufacturing and other business processes.
The blockchain is also being used for the management of car registration for automobiles. In the use case, a car’s ownership data can be securely shared with various parties such as manufacturers, dealers, and drivers through a blockchain platform.
This can help in the management of different parties involved in the car ownership process, and the use of the blockchain technology will help to prevent fraudulent activities in the automobile industry.
#3 Agriculture
Another use case of blockchain technology in Industry 4.0 is for the agriculture sector. This sector is also related to the food supply chain.
Blockchain technology can also be applied in the agriculture industry. Blockchain technology applications in the agriculture sector can be seen when it comes to the use of blockchain to track the source of food and other items.
The blockchain technology can be applied to the supply chain for food products that have an impact on health, such as organic, and genetically modified foods.
For consumers, this technology can provide assurance on the quality of the product they are consuming. Blockchain technology can also help in the delivery of food at home by using a QR code that is on the food packaging.
The blockchain technology can also be used for the traceability of seeds and seed products, and for managing the product that are traded on the market.
#4 Banking and financial services
The use case of blockchain technology in Industry 4.0 is for the banking and financial services sector. The use case of blockchain technology in this industry is for tracking financial transactions of customers.
A blockchain technology application can also be applied in the creation of new financial products by reducing the cost of financial transactions between companies and consumers.
Using blockchain technology, it can be possible for consumers to transact with each other, exchange data, and buy goods with other people at a cheaper cost. This can be possible with a blockchain technology which will track transactions of different participants in the financial market in a secured and encrypted form.
#5 Healthcare
Blockchain technology can also be used in the healthcare sector. Blockchain technology is also being applied in the use cases that involve patients.
Blockchain technology applications in the healthcare sector can also be done through the use of this technology in healthcare claims. The blockchain technology can also be used in the development of health apps that will record patients’ health data for the improvement of services provided to patients.
According to the Statista global health and life sciences research firm, the global market for blockchain technology in healthcare is estimated to generate more than $4.9 billion by 2025.
Blockchain technology can also be used to create smart contracts which will help the transfer of funds from donors to recipients, making the whole process easier.
#6 Energy
A blockchain technology application in the energy sector can be seen in the management of energy contracts. The blockchain technology can also be used to track the ownership of energy such as electricity and fuel.
Blockchain technology can also be used to reduce the cost of transactions and improve the processes of the power sector.
#7 Logistics and transport
Blockchain technology applications in the logistics and transport sector can also be done through a simple use case.
The blockchain technology can also be used to ensure that the shipping of goods and cargo are done safely and accurately. The blockchain technology can also be used in managing data about the process that are being managed by several parties.
The blockchain technology can also be used in the management of the data about goods, which is very important in the shipping industry.
#8 Internet of things (IOT)
The use case of blockchain technology for the Internet of Things can also be done through the use of blockchain technology. One of the good use cases for blockchain technology in the internet of things is for the management of data.
Blockchain technology can be used to ensure that data about the devices in the internet of things are safe from intruders and hackers.
#9 Government services
Blockchain technology can also be used in the government services sector. The blockchain technology can be used in the government services sector such as elections, voting, and the management of votes. It can also be used to help improve the management of ballots.
Blockchain technology can be used to ensure that elections are done correctly and that election results are obtained through a public voting system. It can also be used in improving the management of ballots.
#10 Smart cities
Blockchain technology applications in the smart cities sector are also quite straightforward. Blockchain technology can also be used to ensure that data is stored securely in the digital environment of the smart cities. This use case can also help in keeping different data files secure.
Blockchain technology can also be used in the management of different data files that are being created by various parties in the smart city environment.
It can also be used in the management of traffic data. This data can be stored securely and safely in a blockchain-based platform.
Wrap Up
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.
So, what are you waiting for? If you have been searching for a platform for your business idea, there’s no time to waste. It’s time to take your business to the next level by developing a powerful blockchain-based platform. You can find the world’s best blockchain technology development solutions at www.BinaryInformatics.com.
And, if you want to find out more about the blockchain, don’t forget to check out our website.
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