Blockchain technology and the 4.0 Industry
Blockchain technology first appeared with the launch of Bitcoin in 2008, and for many years this technology has mainly been associated with cryptocurrency, ICO (initial coin offerings) and, more recently, with decentralized finance.
Blockchain and the Fourth Industrial Revolution
The nature of the technology has obvious advantages over the traditional financial sector but now it is the other industries that are beginning to realize the advantages of using blockchain. They are also beginning to integrate this technology.
Many companies find advantages in the cases of the technology application in different sectors. In this article, we will discuss the various business models that use blockchain in various industries, and how they help shape the fourth industrial revolution, also known as”Industry 4.0″.
Blockchain Technology
And so, blockchain technology, sometimes known as distributed ledger technology (DLT), is a relatively new form of database for transaction data kept in a decentralized and transparent way.
The database is managed by a network of computers called nodes, so there is no single point of failure, and information can be accessed in real time 24/7.
The information stored in the database is cryptographically hashed, so only a designated recipient who owns the private keys can sign a transaction related to a specific data set. You can also share the requested information with other people or organizations using secure communication with end-to-end encryption. By using blockchain technology, businesses gain a greater level of control over data security and the sharing of sensitive data.
Industry 4.0
According to Wikipedia, the Fourth Industrial Revolution is “the ongoing transformation of traditional manufacturing practices combined with the latest intelligent technologies.”
The first industrial revolution was happening between 1760 and 1840, when people learned to use the power of water and steam. This was followed by the growth of both chemical engineering and industrial engineering. The textile industry was the first industry to use modern production methods using machine tools.
The period between 1870 and 1914 saw the rise of the Second Industrial Revolution, when electricity and rail networks became part of everyday life. It is worth mentioning that while there was a surge in economic growth during this period, there was also a sharp rise in unemployment as workers were replaced by machines.
The Third Industrial Revolution followed the two world wars, and it began around the 1950s. There has been a massive increase in innovations in the field of telecommunications technologies and supercomputers. This period is known as the digital revolution, which moved from analog to digital technologies, and brought us the Internet.
In 2015, Klaus Schwab, executive chairman of the World Economic Forum, first suggested that we were approaching a fourth industrial revolution, in a statement published in his annual Foreign Affairs article. Industry 4.0 was the theme of the annual meeting of the World Economic Forum.
With recent innovations such as 3D printing, artificial intelligence, genetic engineering, the Internet of Things, quantum computing, robotics, and blockchain technology, this generation is witnessing the beginning of an exciting new wave of technologies that are making the world a better place.
Blockchain in Different Sectors
- Specialty wines
Did you know that more than $2 billion a year is lost due to counterfeit wines? According to the data everledger.io, up to a third of alcoholic beverages are mislabeled and are counterfeit. Everledger.io – the world’s first blockchain-based business model that solves this problem by working with growers, merchants and retailers, offering tamper-proof bottle caps and unique, verifiable labels.
- Visual art
Due to the fact that high-quality cameras and photo editing software are becoming increasingly available to the public, there is an increase in the number of fake works of art at auctions, which makes investors worry about their authenticity. Chronicled is developing an open source database for IoT (Internet of Things) microchips for consumer products based on the Ethereum blockchain.
This means that works of art and paintings can now be embedded in a microchip to guarantee authenticity and transparent ownership rights that can be viewed at any time on the blockchain.
- Smart City
The Limestone blockchain network is an infrastructure aimed at turning Cambodia into a smart city. With plans to embed sensors in physical objects such as buildings, cars, and supermarkets, the network offers real-time data such as the specific price of groceries, real-time bus updates, traffic accidents, and more.
Through the use of blockchain technology, users will own and manage their data, as well as agree to provide services and merchants who want to access or verify their personal information.
In recent weeks, the network has partnered with Onchain Custodian, providing insurance coverage for Limestone funds and transactions. Both companies aim to build a secure foundation for the network by increasing the security and insurance of all transactions.
- Akoin City
A Grammy-nominated singer, songwriter and humanitarian, Akon has confirmed that in recent months he has invested $6 billion in his cryptocurrency-driven city in Senegal, Africa, which is in the early stages of development.
The Akoin token is designed as a reliable alternative to the local currency and helps entrepreneurs grow and expand their business.
- Voting
Voatz is a platform for transparent and verifiable elections, using a mobile app. Users must go through the verification process, but after verification, all identifying information is deleted. Voatz uses data with continuous encryption, which means anonymity of user data and voices.
In the future, legislative proposals can be issued in the form of smart contracts, which can then be used after the elections. This could create a distrustful and reliable system of governance, and put pressure on politicians to deliver on their promises in a timely manner.
- Location data
There is plenty of room for innovative blockchain development in location data, as there is demand from services such as airline baggage searches, taxi companies searching for lost items, and e-commerce drones searching for addresses.
Winding Tree was the first organization to provide blockchain-based solutions for businesses by improving data processing and booking efficiency, as well as improving security through baggage tracking. They are currently working with major airlines, including Air New Zealand and Lufthansa.
- Self-driving cars
As cars become smarter and integrate with decentralized technologies, they can now own their own blockchain account. RIDDLE & CODE has developed a car wallet that offers VID (vehicle identification) and data on the origin of cars. This means that the mileage on the odometer cannot be changed when reselling.
Users can receive smart car notifications to pay for parking, open doors and allow the engine to start, while sensors on the car broadcast traffic updates to the network in real time.
- La’Zooz
La’Zooz is a passenger sharing service that shows in real time the location of available seats and potential passengers. The community-owned platform aims to transform “unused vehicle space into a multitude of intelligent transportation solutions.”
By downloading the ZooZ-mining application, both the driver and the rider receive a reward in digital tokens, proportional not only to the distance they travel, but also to the growth of the community in their area by encouraging users to promote the La’Zooz network in their region, edge.
- Arcade City
Meet Uber’s main competitor, which simplifies ride sharing and car rental by integrating data into the blockchain, directly linking the driver and passenger. Both earn Arcade tokens, which can be exchanged for fiat money or Arcade bonus features.
- рLockChain
LockChain is a decentralized booking platform that allows hotels and hotel companies to rent out premises with real-time access to customer information on the blockchain. The system provides a universal platform for managing bookings and payments in one place, excluding intermediaries.
- Trippki
Trippki is a loyalty promotion program and a travel booking site located on the blockchain, directly connecting hotels with customers. Hotels reward customers for using their hotel or facilities in TRIP tokens, which can be exchanged for fiat currency, or for future bookings on their websites, with a choice of more than 1.6 million hotels worldwide!
- TUI
One of the largest travel companies in the world, TUI, in 2018 introduced an internal technology that stores customer data in the blockchain. In addition, their Bed Swap app keeps track of beds, inventory, and hotel inventory in real time, improving efficiency and data access between teams.
- Sport
Many developing companies are integrating blockchain into the sports industry, changing the ways athletes interact and communicate with their fans. In addition, the blockchain ensures the authenticity of the origin of tickets and goods.
The London Football Exchange trading platform is the first decentralized marketplace for professional football clubs, allowing fans to buy tokenized assets (NFT) of their favorite teams and players.
Other trading platforms, such as Unblockable, offer fans the opportunity to invest in tokenized athletes, the value of which depends on the actual results.
Blockchain technology can also benefit athletes themselves through the introduction of smart contracts and immutable, transparent information available to anyone with the necessary permission.
BraveLog was introduced in 2017 to accurately record biometric measurements of athletes, performance data and heart rate in the blockchain, as a training tool for both athletes and coaches to create personal training plans more effectively.
The Future of Blockchain in Different Sectors
- Construction
According to bimplus.co.uk there are many opportunities for the development of blockchain technology in the construction industry. If you work in construction, you can appreciate the problem of invoicing and receiving payments (more precisely, receiving payment) from customers who promise one thing and do another.
With the help of blockchain, project and construction managers will be able to decide on payment using smart contracts, that is, when the builder has completed the laying of the wall, and the client inspects this wall. If the customer is satisfied with the work, they can pay instantly by executing a smart contract, increasing efficiency, and allowing for more direct transactions.
The blockchain can also provide the origin of the delivered materials, as well as an open source distributed registry containing customer information and real-time project progress information.
Such applications have yet to be created, and developers have a huge opportunity to create a useful and effective platform to help the construction industry, which is expected to become a global industry with a turnover of $15.5 trillion by 2030.
- Mathematics
The Riemann hypothesis is the largest unsolved mathematical problem in history, requiring a huge expenditure of computational energy even to try to get a likely valid result.
Many mathematicians believe that the Riemann hypothesis will eventually be solved with the help of a special cryptocurrency, Riecoin. Instead of searching for random hashes, RieCoin miners can mine combinations of prime numbers.
These simple combinations make it possible to test the Riemann hypothesis at a cost of about $1 million.
- Smart Office Supplies
Here’s something worth paying attention to: IBM and Samsung are now working together to find a way to let your printer recognize that it is running out of ink, and enter into a smart contract with an ink cartridge supplier to order new consumables at the nearest stationery store, increasing efficiency by saving time and reducing costs. .
Conclusion
Blockchain technology is useful for many things besides Bitcoin and cryptocurrency, and we are seeing more and more innovations that use blockchain in various sectors moving towards Industry 4.0.
We are at the beginning of the next exciting wave of technology, with a broad space for blockchain creation and design, as well as opportunities for innovation and growth of blockchain-based solutions in many sectors around the world.
If you are interested, now is the time to get involved, and there is a wide range of industries using blockchain technology, and a high demand for knowledge of this skill.