2018 is the beginning of the Industrial Revolution 4.0, a worldwide transfer trend with the convergence of some core elements: Artificial Intelligence (AI), Internet of Things IoT) and Big Data. Along with that, it would be a must to mention a genius invention by Satoshi Nakamoto: Blockchain.
What is Blockchain ?
Unlike earlier natural resource-based revolutions, the industrial revolution 4.0 has focused on exploiting data resources. That's why data resources are considered as the "oil" of the digital age.
Blockchain is that type of "oil”. It is a hierarchical database that is used to store information internally through close association with encryption (almost immutable and secure) and can expand over time.
The blocks of information are linked together, the new block will be linked to the previous one (with a timestamp and transaction data). Once the linkage is established (accepted by the network), it would become immutable.
The biggest advantage of Blockchain is that everything is secure and open-source; therefore, it would be compatible with other business applications, easy to operate and provide high transaction speed, high security, thus being trustworthy.
Blockchain - the "key" to the industrial revolution 4.0
It can be seen that blockchain can completely meet the requirements of the Industrial Revolution 4.0 and be applicable to the digital age.
The banks are probably the first "passengers" on the “train” to Industry 4.0, in which the positive transition from traditional banks to digital banks has helped the banks to lead the trend. As the economy is continuously growing, the increase in the pace of banking services will soon market the old system “overload”. Large banks from all over the world have found a solution in Blockchain and plan to apply it to SWIFT system.
Blockchain has soon become a key element in the field of healthcare. As of 2018, many of the world's leading health organizations have been conducting pilot projects using Blockchain technology. For example, US Organization Declaware conducted a Blockchain technology trial project, focusing on the authorization process for healthcare providers and health insurance companies. Moreover, Medicalchain and Patientory, the two leading providers of Blockchain solutions for the healthcare industry, also aim to help patients stay in control of their health information and manage their health care better using Blockchain.
Blockchain emerged as a solution for the shipping industry to achieve two goals: transparency and the elimination of cumbersome paperwork. Firstly, the Blockchain technology is employed to manage and track global freight movements in a transparent and immutable manner; Secondly, smart contract can replace the complex paperwork, accelerate the transport of goods.
Blockchain is a powerful aid for customs operations due to its capacity to track products’ quality and origins, as well as its related cargo information. If all the information about a product including details about its origin, manufacturing, exporting, importing processes is stored on a blockchain, it would be much easier for the customs staffs to verify its origin, quality and other related information, thus applying the most suitable and appropriate tax rate.
Blockchain technology is the "key" of human civilization, its applications in all spheres of life are unlimited, creating a completely new civilization and revolution in human life, especially in the Industry 4.0.