A Critical Investigation in Analysing the Design and Implementation of Internet of Things and Blockchain Systems for Industry 4.0
N Shilpa, Aashima Aashima, Shahzad Khan, Rahul Singh Chauhan, Iskandar Muda, Umakant B. Gohatre · 2023
The Internet of Things (IoT) is gaining importance in the recent digital environment as it enables in enhancing the productivity and output of the organisation. Business enterprises are focusing to achieve competitive advantage by using the digital tools to their advantage. The IoT enables in applying different sensors which support the users in collecting the information, analyse the pattern and forecast for achieving sustainable growth and development. It has been regarded that there is a growing demand for energy consumption in the world and is expected to grow by more than 38% in the next two decades and hence companies, individuals and government are looking to implement novel methods like blockchain, edge computing and other tools in order to measure the current and future requirements, enhance interaction between energy providers and consumers so as to satisfy the needs. The usage of blockchain and edge computing foster the necessary data analysis, prepare dashboard reports and support in quick decision making. In the present conditions, it has been stated that IoT can support in the overall connectivity with the smart grid connectivity, overall automation of various functions which can support in reducing the energy bills. This study is focused in using descriptive research for analysing the key determinants of IoT and Blockchain in the organisation, the analysis states that IoT and blockchain technology supports in enhancing scalability and efficiency, achieve overall effectiveness of information flows and support the traceability and interoperability for better decision making.