Abstract:
Blockchain is an evolving technology which is used for storing all kinds of data like transactions. We have heard the name Blockchain only in terms of Cryptocurrency but it is not limited to that. It can also be used in industries other than Cryptocurrency and store various things like data or even multimedia such as pictures, music, and videos. Blockchain, distributed ledger technology, Internet of things, and digital transformation are hot topics these days because they can transform the way all real world operations work. The use of IoT devices is growing. At one point IoTs were used for major industries but now it's a household name. According to Garter which is an analytics firm there will be 41 Billion IoT Devices by 2027 [1]. With the increase in the use of IoT devices, there will be a rapid increase in the amount of data they produce. Protecting and managing this Data efficiently and making sure that only the authorized users have access to it is important. The main focus of this study would be to identify the challenges associated with the adoption of industry 4.0 and present a novel framework based on Blockchain to solve the issues faced by this Industry. The outcome will be an implementation of Blockchain technology in 4th industrial revolution with special reference to Internet of things (IoT) with the help of Hyperledger. HyperLedger is an open-source project by Linux Foundation which was initially developed by IBM. It allows to develop and manage permissioned and private Blockchain systems by using top-notch algorithms and security features.
