The 4th Industrial Revolution Industry 4.0. The blockchain technology and business innovation

Abstract

Within 250 years, human beings have been facing not less than three industrial revolutions which have shaped the world by creating value in different ways. The technologies issued from the industrial revolutions changed our society and economy. We evolved from local markets to national and international markets thanks to machine production, organizational evolution, and information technology. However, trust is the invariable factor in all these changes. Today, in the midst of what is considered to be the 4th industrial revolution, changes are shaped by new technologies like AI, neurotechnology, blockchain, and others. It all started in 2008, after the financial crisis, with the apparition of the Bitcoin whitepaper and the first block mined in 2009, giving birth to the 1st decentralized fintech solutions underlined by blockchain. The 2nd blockchain generation, with Ethereum, Hyperledger, and self-executing code, known as smart contracts, triggered enterprise interest for blockchain and business applications. Smart contracts are autonomous and immutable when deployed on the blockchain; they can help save costs, increase efficiency, or execute with more accuracy any standard process by intaking information from the web thanks to oracles. These technological characteristics helped to launch the first DAO, decentralized autonomous organization that was characterized by the limited human interaction and use of smart contracts. The creation of new business models and innovation of existing ones started. AXA Insurance, with Fizzy, tried to implement a parametric insurance solution based on a blockchain solution without achieving the desired result. The 3rd blockchain generation found a solution to the scaling and interoperability issues faced by traditional protocols. Using tools such as SWOT analysis for blockchain helps to understand what the advantage and disadvantages of this technology are compared to already known solutions. The adoption lifecycle and the hype cycle of technology gives a broad idea of where the adoption rate of the different technological uses cases stands. To better understand the technology, it would be of great help to understand concepts like Network Effect, Tokenomics, or Game theory. Using the progressive curve, based on technologies that we already use, we can imagine infinite future scenarios for new business models, like B2B2C and C2C. All the scenarios are the consequence of collaborations between industries, companies, and technologies that push us to think that the new dominant business models are underlined by the creation of network and collaboration, increased efficiency, and cost reduction.