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Navigating the Blockchain-Driven Transformation in Industry 4.0: Opportunities and Challenges for Economic and Management Innovations

Author

Listed:
  • Zhanxue Wang

    (Shanghai Academy of Social Sciences)

  • Lei Yu

    (Shanghai Academy of Social Sciences)

  • Li Zhou

    (Jiujiang Vocational and Technical College)

Abstract

The dawn of Industry 4.0, characterized by the convergence of digital and physical technologies, ushers in a new era of economic and management paradigms. Blockchain technology, known for its decentralized, transparent, and immutable characteristics, is at the heart of this transformation. This paper explores the potential and challenges of integrating blockchain into Industry 4.0, focusing on economic and management innovations. Blockchain’s impact on sustainability reporting and corporate performance monitoring is profound, offering unprecedented transparency and trustworthiness. It enables granular insights into operations, fostering a responsible business ecosystem and equitable ecological accountability. However, aligning blockchain incentives with value-based objectives is crucial to avoid unintended consequences. Environmental concerns regarding blockchain’s energy consumption, especially in public blockchains like Bitcoin, highlight the need to balance innovation with ecological responsibility. Scalability remains a challenge, necessitating innovative solutions such as proof-of-stake. Furthermore, regulatory uncertainties and trust dynamics pose significant barriers to blockchain adoption. The paper emphasizes the importance of addressing these systemic challenges for the seamless integration of blockchain into economic and managerial ecosystems. Blockchain technology holds immense potential to revolutionize Industry 4.0 but comes with complexities and challenges. As industries, researchers, and policymakers navigate this uncharted territory, optimism, caution, and curiosity must guide their approach. Embracing blockchain’s transformative power while addressing its limitations can pave the way for a transparent, accountable, and sustainable future in Industry 4.0.

Suggested Citation

  • Zhanxue Wang & Lei Yu & Li Zhou, 2025. "Navigating the Blockchain-Driven Transformation in Industry 4.0: Opportunities and Challenges for Economic and Management Innovations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 3507-3549, March.
    • Handle: RePEc:spr:jknowl:v:16:y:2025:i:1:d:10.1007_s13132-024-02007-7
    DOI: 10.1007/s13132-024-02007-7
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