Standards for the New Economy (original) (raw)
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IGI Global, 2022
Industry 4.0 (also known as smart manufacturing or Industrial Internet of Things (IIoT)) refers to a major change in the way products are manufactured and delivered, with a focus on industrial automation and the flexible factory-backed with several technologies that include the Internet of things (IoT), cyber-physical systems, and artificial intelligence. Industry 4.0 gave birth to a new age of smart manufacturing, automated supply chain, and personalized goods and services. Meanwhile, the rise in the application of blockchain technology (BCT) in different sectors propels the industry 4.0 model to extend its scope. This chapter discusses how BCT can act as the enablement of Industry 4.0. The modified e-Delphi methodology aimed at gathering the opinions of recognized experts was used. The findings present the potential that BCT brings, uses cases along with emerging issues. Emerging issues such as BCT security, interoperability, smart contract issues, digital twin issues, energy issue in crypto-coins mining, ethical and legal issues are discussed and solutions are proposed.
Blockchain Como Componente Clave en El Sector Máquina Herramienta en La Industria 4.0
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The Industry 4.0 (I4.0) concept was born in Germany in 2011 as a way to identify the fourth industrial revolution [Fig. 1]. In this new phase the automation reaches a higher level, enabling the machines to operate independently or in coordination with humans, incorporating features as self-learning, self-cognition, and self-customization for improving their overall performance and flexibility. It has been driven by technological advances that allow the creation of a cyber-physical system, such as the Internet of Things (IoT), cloud based manufacturing, big data analytics, augmented reality systems, and advanced robotics among others [1].
Blockchain, A Disruptive Technology in the Sustainable Economic System
Principles of Sustainable Project Management, 2018
This chapter aims to provide managers in general and project managers in particular with the basic information about one of the most hyped disruptive technology concept in the shared digital economy today: Blockchain. Blockchain and other disruptive technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and Big Data are important disruptive steps that are increasingly relevant when defining and managing projects in the sharing digital business economy. The chapter comprises three main parts. The first part introduces the basic concept of the disruptive technologies in the digital transformation context and the main blocks required for the build of Blockchain framework. The focus is on describing each block in details applicable for any selected platform. The second part of the chapter outlines the concept of the smart contract. The general aim is to provide knowledge with actionable guidelines on how best to implement a smart contract using the Ethereum platfor...
Will Blockchain Technology, Smart Contracts & IoT be the new Lifeblood of Commerce?”
2020
A. Current practices are unable to deal with modern needs-Smart Contracts as a leverage to modern practices Current research shows that the number of exports is currently forty times higher than it was back in 1913. 1 This is largely, due to the integration of national economies into a Global Economic system, something which could be considered as one of the biggest achievements of the 20th century. This process of integration is called "Globalization" and its value has been materialized in an exceptional enlargement in commerce, especially between importers and exporters who do business in different countries of the world and wish to expand their commercial activities across different jurisdictions and territories with partners whose reputation was unknown to them. 2 However, the continuously arising commercial practices and needs have rendered every financial instrument which was used in order security and stability to be reassured as insufficient over time. In spite the fact that a lot of attempts took place, everything proved to be inadequate. The risks were not mitigated, the processes were not streamlined, the commercial and legal certainty was not improved and modern practices did not help that much as it was expected to do, reassuring the quality and speed of the transactions which remain as anyone could say "unconquered desires". 3 Many experts believe that Smart
Webology, 2021
Once again in this study, we emphasizes strongly on applications of mathematical solutions for industrial uses. By using qualitative analysis, synthesis and inductive methods, together with statistic data, our paper target is to analyze aspects of SWOT analysis on blockchain technology and its opportunities for various industries and sectors in emerging markets such as Vietnam. This is based on the original foundation theory indicating that blockchain tech functioned as a mathematical solutions that can be applied for solving commerce secrets, with high data security and can be used for intellectual property. Among our research results is findings on the connection between IoTs - Internet of Things and blockchain tech, as well as relationship between AI - Artificial intelligence and blockchain tech. Last but not least authors propose cybersecurity risk solutions and there are policies implications attached.
Towards a Methodological Approach for the Definition of a Blockchain Network for Industry 4.0
Proceedings of the 23rd International Conference on Enterprise Information Systems
The Industrial Internet of Things is expected to attract significant investments for Industry 4.0. In this new environment, blockchain has immediate potential in industrial applications, providing immutable, traceable and auditable communication. Blockchain gained prominence in the academy, being developed and evaluated in several application areas. However, no study has presented methodologies to definition blockchain networks in the industrial environment. To fill this gap, we present a methodology that presents paths to follow and important aspects to be analyzed for the definition and deployment of a blockchain network architecture. This methodology can help in the appropriate choice of platforms and parameters of blockchain networks, resulting in a reduction of costs for the factory and safety in meeting deadlines for industrial processes.
Deployment of distributed ledger and decentralized technology for transition to smart industries
Environment Systems and Decisions, 2023
Industries are now deploying smart initiatives and innovative business models towards digital transformation. One of such initiatives is the adoption of distributed ledger technology (DLT) which promises to support smart industrial revolution. DLT facilitates non trusted entities to communicate and achieve a consensus in a fully distributed method through an immutable and cryptographically secure ledger. DLT ensures traceability and secure exchange of information while ensuring confidentiality and portability of data. However, only fewer studies have explored the extent to which DLT can support digitalization to achieve smart industrial process. Besides, the governance role of DLT in industrial sectors is still considered a nascent domain of research and DLT governance design and archetypes for smart industries are still in the early stage. Also, there are fewer studies in the literature that presents consensus mechanisms for integrating DLT for digitalization of smart industries. Grounded on the secondary data this study examines the practical benefits and challenges faced in achieving a smart industrial operation. Findings from this study identifies governance and security issues that influences DLT deployment in industrial sectors. More importantly, several factors that impacts the deployment of DLT for smart industries are presented. Implications from this study will be useful for industrial regulators, practitioners and researchers interested in gaining innovative insights about how smart industries can leverage DLT to create value for competitive advantage.
Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?
Technological Forecasting and Social Change, 2020
Blockchain is one the most remarkable technological innovations of the 21st century. The most notable application of blockchain is in the development and operation of cryptocurrencies (e.g. bitcoin, ethereum, among others). Besides the financial services industry, blockchain is also considered in other sectors such as international trade, taxation, supply chain management, business operations and governance. However, blockchain has not been examined comprehensively in all areas of relevant literature. This article conducts a survey of the literature to gain an understanding of the opportunities and issues presented by blockchain in various business functions. The article begins by providing a discussion regarding how the blockchain technology operates. The paper takes a broad focus in its analysis of the prospects of blockchain for various business functions, including banking and the capital markets, corporate governance, international trade, and taxation. The paper demonstrates how organisations and regulators can leverage blockchain to upscale business operations, enhance efficiency and reduce operational costs. The key drawbacks of blockchain that stakeholders need to bear in mind before adopting the technology are also highlighted. The article also reflects on how organisations can tap into blockchain to reap the full potential of the fourth industrial revolution.
Blockchain: The New Architecture of the World
Blockchain: The New Architecture of the World, 2018
The excitement around blockchains and distributed ledger technologies (DLTs) is not without merit. We are witnessing the dawn of what is being referred to as the Fourth Industrial Revolution, as we develop network technologies with the ability to fundamentally change the world around us and our dynamics within it. Most major institutions, from banks to state governments, have recognized the seemingly unstoppable momentum of this new wave and have decided to get on board rather than to fight the forces of nature (or networks). As governments, industries, and private individuals make meaningful financial and technical investments in this new revolutionary technological innovation, it is imperative that we understand its potential, its limitations, and our own intentions at this crucial creative juncture. With the ability to create and manipulate new sources of wealth and value in society, data, digital assets, artificial intelligence and similar technological advancements, and the concomitant restructuring and even marginalization of traditional institutions of economic power, distributed ledgers offer the most potential for those with the very least. Cryptocurrencies and digital tokens are just the tip of the iceberg. More meaningful opportunities lie under the surface. Applications in challenges to governance and the protection of intellectual property and human rights are nearly infinite and have the potential of being truly revolutionary if designed and implemented appropriately. As BMI has pledged to address the major global challenges of our time, we found it to be our duty to aim the spotlight at this new emerging field. The purpose of our 2018 conference in Montenegro was to open a discourse, based on opinions and findings from academic, governmental, and industry professionals, around and about the potentials and limitations of blockchains to address pressing global issues of trust, equality, and ownership. It was our aim to navigate through the hype and to dive deep into the technology, its revolutionary potential, and the challenges surrounding implementation and mainstream adoption. Institutions of any kind, and blockchains as an institutional technology par excellence, are a reflection of the intentions and interests of their designers. We are currently at a juncture wherein we have the power and the responsibility to maximize the potential of this new technology for greater equality, global development, and the protection of human rights worldwide.