Foundations of Blockchain and Digital Twins
Ravi Prakash B., Mohamadi Begum Y. · Advances in finance, accounting, and economics book series · 2024
The rapid evolution of transformative technologies, including blockchain and digital twins, is reshaping numerous industries. Blockchain, recognized for its distributed ledger capabilities, is gaining widespread acceptance owing to its secure and transparent data management features. Simultaneously, digital twins, virtual replicas of physical assets, are proving instrumental in offering real-time insights and enabling remote monitoring and control. This chapter explores the convergence of these two technologies, emphasizing their potential in the real world. Commencing with an overview of blockchain and digital twins, the chapter proceeds to scrutinize their architecture and consensus mechanisms. Subsequently, it delves into the concept of digital twins and their versatile applications across various sectors. Finally, it articulates the advantages derived from the integration of blockchain and digital twins.