IDEAS home Printed from https://ideas.repec.org/a/spr/envsyd/v43y2023i2d10.1007_s10669-023-09902-5.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10669-023-09902-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10669-023-09902-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    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.
    3. Horst Treiblmaier & Christian Sillaber, 2020. "A Case Study of Blockchain-Induced Digital Transformation in the Public Sector," Progress in IS, in: Horst Treiblmaier & Trevor Clohessy (ed.), Blockchain and Distributed Ledger Technology Use Cases, pages 227-244, Springer.
    4. Wout J. Hofman, 2020. "Supply Chain Visibility Ledger," Progress in IS, in: Horst Treiblmaier & Trevor Clohessy (ed.), Blockchain and Distributed Ledger Technology Use Cases, pages 305-329, Springer.
    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.
    6. David Teh & Tehmina Khan & Brian Corbitt & Chin Eang Ong, 2020. "Sustainability strategy and blockchain-enabled life cycle assessment: a focus on materials industry," Environment Systems and Decisions, Springer, vol. 40(4), pages 605-622, December.
    7. Hugo Herrera & Birgit Kopainsky, 2020. "Using system dynamics to support a participatory assessment of resilience," Environment Systems and Decisions, Springer, vol. 40(3), pages 342-355, September.
    8. R. Cantelmi & G. Di Gravio & R. Patriarca, 2021. "Reviewing qualitative research approaches in the context of critical infrastructure resilience," Environment Systems and Decisions, Springer, vol. 41(3), pages 341-376, September.
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Su, Dan & Zhang, Lijun & Peng, Hua & Saeidi, Parvaneh & Tirkolaee, Erfan Babaee, 2023. "Technical challenges of blockchain technology for sustainable manufacturing paradigm in Industry 4.0 era using a fuzzy decision support system," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    2. Wang, Yi-Ran & Ma, Chao-Qun & Ren, Yi-Shuai, 2022. "A model for CBDC audits based on blockchain technology: Learning from the DCEP," Research in International Business and Finance, Elsevier, vol. 63(C).
    3. Jesus Beyza & Jose M. Yusta, 2021. "Integrated Risk Assessment for Robustness Evaluation and Resilience Optimisation of Power Systems after Cascading Failures," Energies, MDPI, vol. 14(7), pages 1-18, April.
    4. Vincent Carrières & Andrée-Anne Lemieux & Manuele Margni & Robert Pellerin & Sylvain Cariou, 2022. "Measuring the Value of Blockchain Traceability in Supporting LCA for Textile Products," Sustainability, MDPI, vol. 14(4), pages 1-15, February.
    5. Panagiota Xanthopoulou, 2022. "Blockchain and the digital transformation of the public sector: The Greek experience," Technium Social Sciences Journal, Technium Science, vol. 32(1), pages 558-570, June.
    6. Federico Antonello & Piero Baraldi & Enrico Zio & Luigi Serio, 2022. "A Novel Metric to Evaluate the Association Rules for Identification of Functional Dependencies in Complex Technical Infrastructures," Environment Systems and Decisions, Springer, vol. 42(3), pages 436-449, September.
    7. Magdalena Rusch & Josef‐Peter Schöggl & Rupert J. Baumgartner, 2023. "Application of digital technologies for sustainable product management in a circular economy: A review," Business Strategy and the Environment, Wiley Blackwell, vol. 32(3), pages 1159-1174, March.
    8. Seven Ipek & Cumhur Ekinci, 2022. "Cost efficiency in financial exchanges and post-trade infrastructures: a closer look at integration and product diversification," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 705-743, December.
    9. Xuda Lin & Xing Li & Sameer Kulkarni & Fu Zhao, 2021. "The Application of Blockchain-Based Life Cycle Assessment on an Industrial Supply Chain," Sustainability, MDPI, vol. 13(23), pages 1-15, December.
    10. Zachary A. Collier & James H. Lambert & Igor Linkov, 2020. "Analytics and decision-making to inform public policy in response to diverse threats," Environment Systems and Decisions, Springer, vol. 40(4), pages 463-464, December.
    11. Corinna Köpke & Jennifer Mielniczek & Christoph Roller & Kerstin Lange & Frank Sill Torres & Alexander Stolz, 2023. "Resilience management processes in the offshore wind industry: schematization and application to an export-cable attack," Environment Systems and Decisions, Springer, vol. 43(2), pages 161-177, June.
    12. Ding, Yueting & Chen, Sai & Zheng, Yilei & Chai, Shanglei & Nie, Rui, 2022. "Resilience assessment of China's natural gas system under supply shortages: A system dynamics approach," Energy, Elsevier, vol. 247(C).
    13. Chenchen Shi & Naliang Guo & Xiaoping Zhu & Feng Wu, 2022. "Assessing Urban Resilience from the Perspective of Scaling Law: Evidence from Chinese Cities," Land, MDPI, vol. 11(10), pages 1-23, October.
    14. Sarker, Indranil & Datta, Bidisha, 2022. "Re-designing the pension business processes for achieving technology-driven reforms through blockchain adoption: A proposed architecture," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    15. Asif, Muhammad & Inam, Azhar & Adamowski, Jan & Shoaib, Muhammad & Tariq, Hisham & Ahmad, Shakil & Alizadeh, Mohammad Reza & Nazeer, Aftab, 2023. "Development of methods for the simplification of complex group built causal loop diagrams: A case study of the Rechna doab," Ecological Modelling, Elsevier, vol. 476(C).
    16. repec:thr:techub:10032:y:2022:i:1:p:558-570 is not listed on IDEAS
    17. Federico Antonello & Piero Baraldi & Enrico Zio & Luigi Serio, 2022. "A novelty-based multi-objective evolutionary algorithm for identifying functional dependencies in complex technical infrastructures from alarm data," Environment Systems and Decisions, Springer, vol. 42(2), pages 177-188, June.
    18. Perera, A.T.D. & Hong, Tianzhen, 2023. "Vulnerability and resilience of urban energy ecosystems to extreme climate events: A systematic review and perspectives," Renewable and Sustainable Energy Reviews, Elsevier, vol. 173(C).
    19. Alex Zarifis & Luis A. Castro, 2022. "The NFT Purchasing Process and the Challenges to Trust at Each Stage," Sustainability, MDPI, vol. 14(24), pages 1-13, December.
    20. George Lăzăroiu & Luminița Ionescu & Mihai Andronie & Irina Dijmărescu, 2020. "Sustainability Management and Performance in the Urban Corporate Economy: A Systematic Literature Review," Sustainability, MDPI, vol. 12(18), pages 1-13, September.
    21. Zachary A. Collier & James H. Lambert & Igor Linkov, 2021. "Integrating data from physical and social science to address emerging societal challenges," Environment Systems and Decisions, Springer, vol. 41(3), pages 331-333, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:envsyd:v:43:y:2023:i:2:d:10.1007_s10669-023-09902-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.