Blockchain and Industry 4.0
The idea behind blockchains was developed in early 2007. With some research, one will find that blockchains are mostly known for their use towards cryptocurrency farming and exchanging. They provide users with anonymous and fast transactions, while at the same time, eliminate the middleman; banks and governments demand a large portion of the money when it comes to any type of transaction and that is never good for the buyer or the seller.
Combining Industry 4.0 and blockchains
Nowadays with Industry 4.0 gaining ground, the need for blockchains appears to be much bigger. As a concept, blockchains work towards automizing certain major processes. Industry 4.0 is basically the name that has been given to the current trend that is all about automation when it comes to the data exchange in manufacturing technologies.
Two major changes that can happen after combining blockchains and Industry 4.0 is faster transactions and lower prices. With technology evolving rapidly and industries using new materials to make their products stronger and more efficient, the prices have skyrocketed. Blockchains can help price rates to drop and at the same time make the verification process in every transaction move a lot faster.
Blockchain Technology: A strong stakeholder
Blockchain technology was considered by many to be illegal when it first appeared. Eliminating governments and banks and improving transactions, on such a level, was not well received by power entities. What is happening now with the blockchain technology entering Industry 4.0 is basically a way for blockchain technology to be accepted as an ‘’active player’’ in the manufacturing industry without any legal problems. Still keeping the middleman out and making transactions move faster and easier, blockchain technology has now become a key stakeholder for the new and upgraded Industry sectors.
The manufacturing industry is simply one of the many sectors blockchains can be used as an improvement. Major steps are being taken in the agricultural sector and the medical sector as well. Starting from cryptocurrencies, the blockchain technology has proven to be something that people can trust in.