Journal of Information Technology & Software Engineering
Open Access

Execution of Blockchain Technology for Protection and Transparency of Industrial Data

Phihiru Carson^{* *}Correspondence: Phihiru Carson, Department of Electronic & Telecommunication Engineering, University of Moratuwa, Moratuwa, Sri Lanka, Email:

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Description

Distributed models, as opposed to centralized and decentralized models, have the potential to greatly increase the scalability of existing IoT and Industry 4.0 solutions while retaining the security and privacy of participating businesses. This is partly due to the fact that participating companies are not required to rely on or trust other services or third parties to manage the data they collect and transfer, due to concerns that these parties might misuse the information or, in the worst-case scenario, share it with mass surveillance programmes. The vast majority of these use cases will struggle to achieve the requirements for integrity, immutability, traceability, and notarization until blockchain technology (BCT) proves its feasibility as a way of constructing security solutions in decentralized, collaborative, and trustless contexts. It is feasible to eliminate intermediaries by using BCT, allowing individuals and devices to manage their data without the involvement of third parties and, most importantly, to create a high level of traceability with information flow harmony. By allowing the exchange of historical data, this technology allows for transaction, transparency, and traceability.

Blockchain Technology (BCT) is a future digital technology that will be used during the Fourth Industrial Revolution (Industry 4.0). Implementing BCT into the operations of both small and large-scale businesses can increase security, privacy, and data transparency. Industry 4.0 is a set of cutting-edge manufacturing practices that help businesses achieve their objectives faster. Industry 4.0 is also a term used to describe it. In recent years, numerous studies on various Industry 4.0 technologies, such as artificial intelligence (AI), the Internet of Things (IoT), big data, and blockchain, have been conducted to determine whether these technologies have the potential to cause significant disruption. In the manufacturing and supply chain management businesses, these technologies open up a world of possibilities. BCT has gotten a lot of attention and has the potential to improve industrial and supply chain settings dramatically. There are already numerous unique insights into the benefits of BCT in a variety of areas available. In the late 1980s and early 1990s, the essential concepts of BCT evolved.

The Internet of Things is used in Industry 4.0 to digitally upgrade factories and transform them into smart production facilities. This structure, which we term the cyber-physical architecture, enables the creation of cyber-physical systems, which are mechanisms that are monitored by tightly integrated algorithms and software and which duplicate physical systems onto a virtual network that makes decentralized decisions. Cyber- physical systems may now communicate and cooperate with one another thanks to the Internet of Things, allowing people to interact with systems in real time.

In today's world, understanding BCT and its ramifications is critical for effectively implementing Industry 4.0 programmes. BCT may assist certain businesses in the future, such as financial transactions, where blockchain can give trust. A restricted supply transaction could take place if foreign currency and fiat currency issues are ruled out. Other aspects of Industry 4.0's BCT can be tied to the product itself, as well as the identifying factor of its assembly. It serves as a reminder of the situations in which knowing how to spot defective goods might be useful. In this case, blockchain will protect all of the data associated with a product, including its subassemblies, parts, and distribution networks. It lowers retrieval costs and the risk of service disruption at any point in the supply chain. New data has been captured by cameras and sensors that might be utilized to build the blockchain network. It allows us to access more information than a human being could ever learn in a short period of time.

It is vital for a company to undergo a comparable structural transformation to guarantee that end-user support is not lost. BCT has been heralded as one of the most important technological breakthroughs in a number of fields. This technology has improved greatly in recent years and offers a wide range of manufacturing applications. It's often used in conjunction with other buzzwords like smart factories and Industry 4.0. A decentralized, encrypted, distributed ledger for filing computers that enables for the development of tamper- proof, real-time logs is referred to as blockchain.

Conclusion

The study concludes that the blockchain’s growth and expansion in this decade would most likely take place in a variety of methods. One of the most important parts of Industry 4.0 is digitalization, which helps firms to gain efficiency in all areas areas, from management and technology consulting to supply chain planning and solutions. Many industries perceive the potential of blockchain, which can be quite beneficial among other things. Because it is deceptive, this technology allows users to create their own secure and trustworthy digital identity.