The fourth industrial revolution, characterized by the incorporation of automation, digital technology, and data interchange in production environments, is referred to as “industry 4.0”. It is characterized by the use of cutting-edge technologies, including automation, artificial intelligence, the Internet of Things, and data analytics, to enhance processes in industry and manufacturing.
Blockchains are distributed, decentralized digital ledgers that safely log transactions via a computer network. Every transaction is kept in a block, which is then connected to other blocks to build a chain. The term Industrial Internet of Things (IIoT) describes how industrial machinery and processes are integrated with sensors, software, and other technology. IIoT makes data gathering and sharing possible, enhancing industry productivity and decision-making. Integrating socially and ecologically conscious practices into the supply chain is a key component of sustainable supply chain management. It seeks to guarantee moral behavior along the whole supply chain and reduce the negative effects on the environment.
Within the framework of Industry 4.0, a prospective use of blockchain technology and the Industrial Internet of Things (IIoT) is sustainable supply chain management. Because blockchain technology offers transparency, efficiency, and security along the whole supply chain, its integration with the Industrial Internet of Things for sustainable supply chain management is consistent with Industry 4.0 concepts.
This has the potential to support more ethical and sustainable business practices across a range of industries. In order to support sustainability goals, this combination can improve supply chain processes’ efficiency, security, traceability, and transparency.
Source: ScienceDirect