Enabling blockchain-IoT convergence for industrial revolution 4.0 innovation: A critical review

Abstract

The Fourth Industrial Revolution (4IR) has revolutionised global interactions through the Internet of Things (IoT), connecting over 40 billion devices by 2030, raises significant security, protection, and privacy concerns. Blockchain technology offers a decentralised, secure, and transparent solution for data sharing and storage, leveraging its core characteristics—immutability, data integrity, transparency, and consensus—to enable tamper-proof records, real-time tracking, and secure data sharing in supply chain management and healthcare. Despite high implementation costs, blockchain-IoT Convergence promises transformative benefits, including enhanced efficiency, reduced costs, and improved security. This study provides an in-depth analysis of blockchain's applications in IoT, highlighting its potential to enhance data security and privacy, improve supply chain management, facilitate secure healthcare data exchange, and enable real-time tracking and monitoring. Future research directions include scalability solutions, interoperability protocols, regulatory frameworks, blockchain-based supply chain management, and a quantum-resistant blockchain network.