Blockchain technology unleashed a wave of “what ifs” around the world in recent years. Distributed ledger technology holds immense potential for improving efficiency, providing real-time information, and reducing costs.
The originators of blockchain developed it to provide a technological foundation for digital currency. Early generations of blockchain did not support industrial applications effectively, owing to limitations in network scalability, interoperability, and processing speed. The versions now under development, however, use new consensus protocols that improve the efficiency of the verification process by increasing the number of transactions per second and reducing computing costs.
The improvements under development will enhance interaction between blockchain technology and the Internet of Things (IoT). Although blockchain is becoming simpler to deploy in the factory, it is not a panacea for challenges in industrial operations…