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Blockchain Based Digital Economy and Industry 4.0

In: Blockchain Driven Supply Chain Management

Author

Listed:
  • Arzu Alvan

    (Cyprus Science University)

  • Şükrü Umarbeyli

    (Cyprus Science University)

Abstract

Using blockchain-based technologies for supply chain management, this study examines the digital economy and digital industry in terms of their interactions. The backbone of the digital economy is the internet (web 3), the hyperlink distributed between the internet of things and mobile devices. The digital economy can be examined in two ways: information economy and e-economy. In the foundations of the digital economy, there are elements such as the internet, electronic communication, digital automation, digital payments, social media and finally the metaverse. The digital economy is an economic activity resulting from billions of online connections between people, businesses, devices and processes. The digital economy also develops the digital finance structure. Blockchain is a candidate to be the backbone of the digitalization of production and economy, as it can provide a decentralized and reliable infrastructure at this point. Blockchain-based supply chain is rapidly being developed and spread on this platform. Although blockchain was first and effectively applied in the financial fields, the immutable nature of the ledger makes it difficult for identification, qualification, health records and insurance etc. It will come from today. It does not seem possible for sectors that cannot keep up with this rapidly changing process and are not prepared for it to exist in the future.

Suggested Citation

  • Arzu Alvan & Şükrü Umarbeyli, 2023. "Blockchain Based Digital Economy and Industry 4.0," Management for Professionals, in: Muhammad Shujaat Mubarik & Muhammad Shahbaz (ed.), Blockchain Driven Supply Chain Management, pages 267-281, Springer.
    • Handle: RePEc:spr:mgmchp:978-981-99-0699-4_16
    DOI: 10.1007/978-981-99-0699-4_16
    as

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