Challenges and Opportunities of Blockchain Technology in Industrial Applications

Authors

  • Galia Novakova Faculty of Mathematics and Informatics St. Kliment Ohridski University of Sofia 5, James Bourchier St. 1164 Sofia, Bulgaria e-mail: g.novak@fmi.uni-sofia.bg
  • Roumen Nikolov University of Library Studies and Information Technology 119, Tsarigradsko Shose 1784 Sofia, Bulgaria e-mail: r.nikolov@unibit.bg
  • Elena Shoikova University of Library Studies and Information Technology 119, Tsarigradsko Shose 1784 Sofia, Bulgaria e-mail: e.shoikova@unibit.bg

Keywords:

blockchain technology, Industrial Internet of Things, use cases, industrial applications

Abstract

Digital technology is changing the world, one industry at a time. It is still unclear if and to what extent the manufacturing industry is impacted by the innovative blockchain technology. Although a fairly new technology, it has many practical use cases and new applications of the technology are continuously introduced.

The paper presents an assessment of the current maturity phase of Blockchain and evaluates the challenges and benefits of potential applications in the manufacturing industry. Further the paper explores the potential use cases for the manufacturing industry by giving an overview of the existing blockchain solutions. Moreover, the highlights from the World Economic Forum 2017 are reported where a set of actions was given that will move this technology forward.

ACM Computing Classification System (1998): С.2.0, B.4.0, H.1.2, K.6.0.

Author Biographies

Galia Novakova, Faculty of Mathematics and Informatics St. Kliment Ohridski University of Sofia 5, James Bourchier St. 1164 Sofia, Bulgaria e-mail: g.novak@fmi.uni-sofia.bg

Roumen Nikolov, University of Library Studies and Information Technology 119, Tsarigradsko Shose 1784 Sofia, Bulgaria e-mail: r.nikolov@unibit.bg

Elena Shoikova, University of Library Studies and Information Technology 119, Tsarigradsko Shose 1784 Sofia, Bulgaria e-mail: e.shoikova@unibit.bg

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Published

2018-12-01

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Articles