The industrial sector continues to grow even when capital productivity programs are exhausted, operating costs are reduced maximally, the resource consumption is optimized – it seems like everything has been done to make production efficient and profitable. The future is for new technologies now. We tell about IoT and DLT, which complement each other and take the industrial sector to a new level.
To stay competitive, manufacturers must be constantly looking for ways to improve their production, supply chains, and offers for customers. Automation and optimization are constant and mandatory processes in which all corporations of the industrial sector, retail and agriculture are involved. Since all available classical methods of improvement have already been used, companies have to make a sharp leap
Now we see the new Technological Revolution, when optimization processes are not so much about working on equipment as in data. The engine of the new Digital Revolution is 5G technology, the ability to transmit large amounts of data at high speed. The new data transfer protocols connects all devices within automated production systems and warehouses without any borders.
Total Automation Can Be Dangerous
Manufacturing and transportation processes will become much cheaper and easier: smart devices can be combined into one network within individual companies and around the world. This phenomenon is called the Internet of Things, and it is a direct consequence of technological progress. Juniper Research
predicts that the number of IoT (Internet of Things) connected devices will rise to 38.5 billion in 2020: the growth is over 285% up from 13.4 billion in 2015.
Devices are combined in a network of smart systems that allow production and transportation processes to be more flexible and customizable. AI tracks all elements of the system and based on large amounts of data can make predictions and make decisions automatically without human involvement.
Although all the obvious benefits of the IoT, this concept remains vulnerable
. As the number of smart productions, ecosystems and smart environments increases, so does the amount of data. This is a broad field of action for intruders who can invade the ecosystem, inject fake data, destroy smart production, or make their products unsafe. This can be a significant loss and sacrifice, as the Internet of Things will affect key industries: food industry, airports, military and medicine. The price of accidental error or deliberate manipulation in the digital age may become too high for humanity.
Source: The industrial sector continues to grow
Source: IoT и DLT ensure trusting public control
Source: The promising are blockchain and DLT
We Cannot Trust Ourselves, But We Can Trust DLT
The historical experience of our civilization clearly shows that the most of human problems comes from humans. To eliminate the human factor and the associated risks, human should be excluded from the process of collecting, storing and displaying data.
In the digital age, trust is a special value. The Internet of Things must necessarily be combined with technology that will separate trusted information from smart devices and unreliable data. The most promising developments in this area are blockchain and DLT platforms.
Distributed data storage, constant verification and updating, and the ability to track and exclude sources of inaccurate information make DLT a suitable addition for smart systems. Blockchain-based software components for smart systems eliminate intermediary interference and ensure that the entire system's data is synchronized and secure.
Unlike expensive equipment, information technology is available even for small companies and industries. Equal access to information will create more equitable market access for small producers, eliminating social and gender inequalities that are relevant even to developed countries.
Technology Combinations Make Them More Effective
IoT and DLT are independent but complementary technologies that will enable data-driven decisions to be made without crucial risks.
Combined, the potential value of these technologies lies in the total optimization, adaptability and automation of processes. The new business models and operational practices resulting from this will continue for a long time after these technologies mature and cyclically change.
The development of disruptive digital technologies without public control over business is a one-way ticket to social and economic chaos. IoT and DLT are two technologies that will ensure independent and trusting public control.
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