Emerging Technologies and Innovation: BTIoT in Industries

Running Head: IT Write Up
0
IT write up
Emerging Technologies and Innovation
(Student Details: )
9/30/2019

Technology in Industry
1
Contents
Introduction................................................................................................................................2
Literature Review: BTIoT in Industries.....................................................................................2
Research methodology...............................................................................................................5
Results and findings...................................................................................................................6
Conclusion..................................................................................................................................6
References..................................................................................................................................7

Technology in Industry
2
Introduction
This report is based on emerging technologies and innovation while considering
block-chain technology for the industrial industry. In general, Internet of Things (IoT) with
Blockchain Technology (BT) is experiencing good growth within research as well as
industry. However blockchain with IoT that is often known as BTIoT is suffering from
security and privacy vulnerabilities. Here, BTIoT has been taken as an emerging technology
as well as innovation because BT offers a distributed ledger rather than a centralized
database. With the help of this research report, different aspects of BTIoT for industrial
applications will be discussed in detail. Apart from this, there are some limitations along with
key use cases will be explored with the help of credible sources.
Literature Review: BTIoT in Industries
In this context, BTIoT is a key technology that will be having great impact during
next decade for all global firms in the industrial sector. This research is describing how the
above-mentioned 2 technologies will enhance efficiencies while providing novel business
opportunities and platforms (Zheng, Xie, Dai, & Wang, 2018). It has been found that together
these two technologies address regulatory needs, as well as improve visibility and
transparency. In this context, (Fanning & Centers, 2016) described that IoT with BT allows
for real-time capturing of data with the help of sensors. When the price of actuators and
sensors keeps falling, then modern companies in the industrial field will be capable to
overcome cost-related obstacles while adopting IoT platforms largely.
According to (Advids, 2018), BT with IoT will allow the mutual sharing of the main
relevant data which is captured from the IoT while utilising a decentralized, distributed as
well as shared ledger which is actually available to the contributors into the business network.
In the context of supply chain, these both technologies can provide supply chain solutions
which are the most common use of BT in order to solve real-time business issues and
problems because of the lack of reflectivity of shipment-data for component or product info.
It is because the shipment moved via the supply-chain. While proving the supply chain
solutions, the BTIoT will gain main shipment data which is released from IoT devices
associated with product as the shipment moves through source-to-destination (Zheng, Xie,
Dai, & Wang, 2018).