The Emergence of Blockchain Technology in Industrial Revolution 5.0
Meenu Gupta, Chetanya Ved, Saransh Khetarpaul, Anmol Dhingra, Sanjana Deswal · 2023
As we move toward a business-driven value generation approach in Industrial Revolution 5.0, it becomes imperative to look at some of the key chauffeurs of the generation which bring a sense of security, transparency, and trust. One such technology is blockchain, which essentially means a chain or network of interconnected blocks. Its mechanization is crucial to study due to its decentralized and secure essence. The impact of blockchain can be estimated with the record-high increase of global spendings, which is estimated at $19 Billion by end of the year 2024. This transition owes to the wide range of features that this decentralized ledger offers to industries. This book chapter is divided into eight sections followed by a concluding note. Throughout the chapter, we will be focusing on key factors driving the blockchain trends and what this technology holds for us in upcoming years. We will then look at the basic terms governing the lifecycle of a blockchain network. The next discourse will uncover the applications of blockchain in industries. The next section covers the decentralized model and how it brings about a generation without intermediate parties followed by the positive impacts of blockchain in different domains. We finally summarize this work by discussing the economic overview and the impact analysis of the blockchain ledger and briefly unveiling the upcoming opportunities in various industries.