Question

Write a well-organized report on how the blockchain technology can impact Smart Industry systems. Please consider the followings in your report sequentially: c) Discuss some popular consensus mechanisms for blockchain. Among the popular consensus mechanisms, which one can be applied in your specified blockchain based smart industry and why? Justify your answer.

Answer 1

Answer:

A blockchain is defined as a list of growing list of records called as blocks which are linked using cryptography. Blockchain technology can impact Smart Industry Systems in the following ways:

1. Blockchain involves a faster, secure and legally binding way to draw up agreements between partners in a complex supply chain, also called as "smart contract".

2. It allows product owners to sell back anonymized data gathered by their purchased electronics.

3. It provides a way for industrial facilities to immediately identify devices on that network, alter permissions as needed and then communicate seamlessly and securely.

4. it can also help risk-averse industries prevent counterfeit parts from entering their supply chain.

Consensus is a dynamic way of reaching agreement in a group. A method by which consensus decision-making is achieved is called “consensus mechanism”.

Some of the objectives of consensus are as follow:

1. Agreement Seeking

2. Collaborative

3. Cooperative

4. Egalitarian

5. Participatory

6. Inclusive