New Blockchains for Industry Spinning Gold out of Data Straw

Why the Blockchain Is so Interesting

The need to make blockchain technology usable for IIoT applications is almost obvious: If data is the raw material of the IoT world, if its value even increases the more it is shared and used, then it is something like the currency of the IoT. When it comes to currency, most people nowadays think of crypto currencies and the blockchain, because this technology makes crypto currencies possible. If data behaves similarly to money and one can be traded for the other - whereby the value of the data also increases because of the transactions - then the blockchain technology should be universally usable for data exchange in logistics, in Industry 4.0, in big data, and AI.

Most experts are convinced that this also works, albeit with a few modifications. Because of the long transaction times, the high energy required per transaction and the complex verification procedure, the blockchain known from the currencies cannot be transferred one-to-one into the industry. In the meantime, established companies and start-ups have developed processes based on modified block-chain techniques and distributed ledger techniques that specifically can be used in industry. The aim is for all parties involved to be able to trade the data for their own benefit while safeguarding their respective ownership claims and company secrets and trading in accordance with data protection regulations.

This is not a great technology that is desperately searching for applications. The most diverse industries would rather make the processes transparent and traceable today than tomorrow.

Companies that collect and process data in production processes and logistics, but do not want to deal with blockchain developments themselves, now see this as well. For example, Michael Van Veeken from OSIsoft Research says, "Together with partners, we are investigating how technology can be used in industry for our mutual benefit." The better the companies can exchange data with each other, the better the business will develop for the companies that provide the basis.