Blockchain

The increasing digitization of production is leading to new requirements and an increase in complexity in data management. Data and applications will become even more decentralized in the future, while ensuring data security and data validity. These requirements are difficult to implement with traditional databases. One promising technology is the Blockchain, which has been used in the context of crypto currencies like bitcoins for several years. In this article, the blockchain is presented in an industrial application in the context of a quality data acquisition in assembly.

Blockchain technology - a distributed ledger in which transactions of all kinds of values can be carried out securely, transparently and consensually without trust in a central authority - is a socio-technical innovation that has the potential to enable new business models and make existing business models obsolete. While most applications today exist in the financial sector (e.g., payment processing), the technology is suitable for various industrial applications, especially in the area of Internet of Things (IoT) applications. This article uses three propositions and various concrete examples to shed light on the possible applications of blockchain technology for new IoT business models.