Impact of Block Chain Technology to Smart Industry Systems: Automotive (Essay Sample)
Write a well-organized report on how the blockchain technology can impact Smart Industry systems. Please consider the followings in your report sequentially:
a) Explain a motivating scenario of a smart industry where the blockchain can be applied.
b) Explain your understanding with necessary diagrams on how the specified smart industry can be designed using blockchain.
c) Discuss some popular consensus mechanisms for blockchain. Among the popular consensus mechanisms, which one can be applied in your specified blockchain based smart industry and why? Justify your answer.
d) Explain how the integrity and traceability of smart industry data are obtained using blockchain in your specified scenario.
e) What are the advantages and disadvantages of using blockchain technology in your specified smart industry?
[Hints: Resources on existing blockchain based smart industry should be reviewed from online sources. One of the sample projects can be found in the following link:
IMPACT OF BLOCK CHAIN TECHNOLOGY TO SMART INDUSTRY SYSTEMS: CASE OF AUTOMOTIVE INDUSTRY
Table of Contents TOC \o "1-3" \h \z \u INTRODUCTION PAGEREF _Toc10706309 \h 3BLOCK CHAIN APPLICATION PAGEREF _Toc10706310 \h 3DESIGNING AUTOMOTIVE INDUSTRY USING BLOCK CHAIN PAGEREF _Toc10706311 \h 3CONSENSUS MECHANISM PAGEREF _Toc10706312 \h 5INTEGRITY AND TRACEABILITY PAGEREF _Toc10706313 \h 6ADVANTAGES AND DISADVANTAGES OF BLOCK CHAIN TECHNOLOGY IN AUTOMOTIVE PAGEREF _Toc10706314 \h 6CONCLUSION PAGEREF _Toc10706315 \h 6REFERENCES PAGEREF _Toc10706316 \h 6
It is stipulated that 80% of online transactions are likely to change in the next 20 years (Crosby et.al, 2016). For instance, block chain can be applied in industry 4.0 which looks at how the factories can change through adoption of latest technologies (Dorri et.al, 2017). The concept behind industry 4.0 of bringing a wide connectivity within an industry is similar to the block chain technology. This allows for communication like in a peer-to-peer network as shown below.
BLOCK CHAIN APPLICATION
The technology can be applied in smart automotive. For instance, in the year 2016, Toyota Company joined a block chain consortium and is expected to leverage a connected supply chain (Singh & Kim, 2017). Dimler in 2017, acquired pay cash Europe to provide cryptocurrecy-based services such as Mercedes pay. Friedrichshafen, UBS and Innogy developed a car e-wallet block chain payment to help ease online transactions (Joshi et.al, 2018).
DESIGNING AUTOMOTIVE INDUSTRY USING BLOCK CHAIN
The block chain technology lead to high interconnectedness in a system. The current situation is as shown in figure 2 below while figure 3 showing the connectedness when block chain is applied.
In the automotive industry, the technology can help link a wide range of areas as shown below.
For example, in the case of a car, the technology would help in the self-driving technology which will provide a network that will control traffic, speed, accidents and time (Hua et.al, 2018). As shown in the figure below, the technology will link through the network, a wide range of vehicles.
This will mean that logistics, sale and track of vehicles will be easy hence re-shaping the automotive industry. As shown below, the vehicle is connected to a system and has a lot of blocks to it offering security.
This are techniques that allow for synchronisation of the block chain and looks at the transactions that are legitimate. The major mechanism are shown in the figure below.
The decentralisation mechanism ensures that the user can have access to the data base and can work at points of convenience. Since the different blocks are linked, proof of work and stake need since all blocks need to agree. In automotive, proof of work is the most applicable consensus since in the industry there need of quality. Different manufactures, will compete to make a production and remit. It’s only after verification that another nodes can be formed to ensure no imitations (Singh & Kim, 2017).
INTEGRITY AND TRACEABILITY
In automotive, the vehicles are connected in a network and can be traced from their point of manufacture to its destination. Also, since the technology allows for transparency, the car manufacturers are able to deal directly with the clients hence increasing the accuracy of information and product (Crosby et.al, 2016).
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