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Deployment of distributed ledger and decentralized technology for transition to smart industries

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  • Bokolo Anthony

    (Institute for Energy Technology)

Abstract

Industries are now deploying smart initiatives and innovative business models towards digital transformation. One of such initiatives is the adoption of distributed ledger technology (DLT) which promises to support smart industrial revolution. DLT facilitates non trusted entities to communicate and achieve a consensus in a fully distributed method through an immutable and cryptographically secure ledger. DLT ensures traceability and secure exchange of information while ensuring confidentiality and portability of data. However, only fewer studies have explored the extent to which DLT can support digitalization to achieve smart industrial process. Besides, the governance role of DLT in industrial sectors is still considered a nascent domain of research and DLT governance design and archetypes for smart industries are still in the early stage. Also, there are fewer studies in the literature that presents consensus mechanisms for integrating DLT for digitalization of smart industries. Grounded on the secondary data this study examines the practical benefits and challenges faced in achieving a smart industrial operation. Findings from this study identifies governance and security issues that influences DLT deployment in industrial sectors. More importantly, several factors that impacts the deployment of DLT for smart industries are presented. Implications from this study will be useful for industrial regulators, practitioners and researchers interested in gaining innovative insights about how smart industries can leverage DLT to create value for competitive advantage.

Suggested Citation

  • Bokolo Anthony, 2023. "Deployment of distributed ledger and decentralized technology for transition to smart industries," Environment Systems and Decisions, Springer, vol. 43(2), pages 298-319, June.
    • Handle: RePEc:spr:envsyd:v:43:y:2023:i:2:d:10.1007_s10669-023-09902-5
    DOI: 10.1007/s10669-023-09902-5
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    References listed on IDEAS

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    1. Anthony Jnr. Bokolo, 2022. "Exploring interoperability of distributed Ledger and Decentralized Technology adoption in virtual enterprises," Information Systems and e-Business Management, Springer, vol. 20(4), pages 685-718, December.
    2. Dominik Roeck & Felix Schöneseiffen & Michael Greger & Erik Hofmann, 2020. "Analyzing the Potential of DLT-based Applications in Smart Factories," Progress in IS, in: Horst Treiblmaier & Trevor Clohessy (ed.), Blockchain and Distributed Ledger Technology Use Cases, pages 245-266, Springer.
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    5. Esther Nagel & Johann Kranz, 2020. "Smart City Applications on the Blockchain: Development of a Multi-layer Taxonomy," Progress in IS, in: Horst Treiblmaier & Trevor Clohessy (ed.), Blockchain and Distributed Ledger Technology Use Cases, pages 201-226, Springer.
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    8. Howell, Bronwyn E. & Potgieter, Petrus H. & Sadowski, Bert M., 2019. "Governance of Blockchain and Distributed Ledger Technology Projects," 2nd Europe – Middle East – North African Regional ITS Conference, Aswan 2019: Leveraging Technologies For Growth 201737, International Telecommunications Society (ITS).
    9. Randy Priem, 2020. "Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-25, December.
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    Cited by:

    1. Yuan Chang & Xinguo Ming & Xianyu Zhang & Yuguang Bao, 2023. "Modularization Design for Smart Industrial Service Ecosystem: A Framework Based on the Smart Industrial Service Identification Blueprint and Hypergraph Clustering," Sustainability, MDPI, vol. 15(11), pages 1-33, May.
    2. Bokolo Anthony Jnr., 2023. "A developed distributed ledger technology architectural layer framework for decentralized governance implementation in virtual enterprise," Information Systems and e-Business Management, Springer, vol. 21(3), pages 437-470, September.

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