Blockchain: What Does It Mean to Industrial Electronics?: Technologies, Challenges, and Opportunities

Xinghuo Yu, Changbing Tang, Peter Palensky, Armando Colombo

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)
17 Downloads (Pure)

Abstract

Imagine you want to send money to a friend overseas. Wouldn't it be good if you didn't have to pay hefty fees to the intermediaries, and your friend received the funds very quickly? Now imagine ordering parts to make a product in your manufacturing plant. Wouldn't it be great if you were able to verify where each part comes from and have access to a reliable certificate on its quality automatically? Also think about dealing with energy use or selling off your excess solar energy as a prosumer. Wouldn't it be nice if you could purchase cheaper energy or sell it profitably at ease?

Original languageEnglish
Pages (from-to)4-14
Number of pages11
JournalIEEE Industrial Electronics Magazine
Volume16
Issue number2
DOIs
Publication statusE-pub ahead of print - 2022

Keywords

  • Blockchain
  • Consensus algorithm
  • Distributed ledger
  • Peer-to-peer computing
  • Scalability
  • Security
  • Smart contracts

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