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Blockchain Technology in the Chemical Industry
Xiaochi Zhou1, Markus Kraft1,2,3
1Department of Chemical Engineering and Biotechnology, University of Cambridge, Cambridge, United Kingdom;
Annual Review of Chemical and Biomolecular Engineering
|April 1, 2022
Summary
This review explores blockchain and smart contracts in the chemical industry. These technologies enhance trust and distributed control, with future applications in decentralized systems and autonomous controls.
Area of Science:
- Chemical Engineering
- Computer Science
- Information Technology
Background:
- The chemical industry faces challenges in trust, transparency, and control.
- Decentralization trends necessitate new mechanisms for distributed systems.
Purpose of the Study:
- To review the applications of blockchain and smart contracts in the chemical and related industries.
- To explain the core concepts and enabling technologies of blockchain and smart contracts.
- To classify existing literature and discuss future potential.
Main Methods:
- Literature review and classification into five categories.
- Analysis of motivations and technical designs of blockchain applications.
- Explanation of blockchain and smart contract fundamentals.
Main Results:
- Identified typical and novel applications of blockchain and smart contracts.
- Highlighted the role of these technologies in implementing trust and distributed control.
- Classified literature based on motivations and technical designs.
Conclusions:
- Blockchain and smart contracts are crucial for decentralized systems in the chemical industry.
- Future research will focus on diverse consensus mechanisms for efficient decentralized systems.
- Wider application of smart contracts is expected for autonomous distributed controls.
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