Blockchain in Industries: A Survey

TLDR

Blockchain technologies are gaining prominence in research and industry because they can securely record and share transactional data, automate supply chains, enhance transparency, and reduce costs, thereby addressing many barriers to industrial advancement. The study investigates opportunities, benefits, and challenges of integrating blockchain into various industrial applications and identifies the requirements that support successful implementation. The authors review proposed blockchain application domains across industries and analyze the requirements necessary for effective deployment. The review finds multiple opportunities for blockchain across sectors but highlights remaining challenges that must be overcome for optimal adoption.

Abstract

Blockchain technologies have recently come to the forefront of the research and industrial communities as they bring potential benefits for many industries. This is due to their practical capabilities in solving many issues currently inhibiting further advances in various industrial domains. Securely recording and sharing transactional data, establishing automated and efficient supply chain processes, and enhancing transparency across the whole value chain are some examples of these issues. Blockchain offers an effective way to tackle these issues using distributed, shared, secure, and permissioned transactional ledgers. The employment of blockchain technologies and the possibility of applying them in different situations enables many industrial applications through increased efficiency and security; enhanced traceability and transparency; and reduced costs. In this paper, different industrial application domains where the use of blockchain technologies has been proposed are reviewed. This paper explores the opportunities, benefits, and challenges of incorporating blockchain in different industrial applications. Furthermore, the paper attempts to identify the requirements that support the implementation of blockchain for different industrial applications. The review reveals that several opportunities are available for utilizing blockchain in various industrial sectors; however, there are still some challenges to be addressed to achieve better utilization of this technology.