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The IUP Journal of Computer Sciences

Entrepreneurial Opportunities in Industry 5.0 Built on Blockchain: An Exploratory Note

Article Details

Pub. Date	: April, 2023
Product Name	: The IUP Journal of Computer Sciences
Product Type	: Article
Product Code	: IJCS020423
Author Name	: Arijeet Basu, Anand Kashyap and Anirudh Kumar
Availability	: YES
Subject/Domain	: Management
Download Format	: PDF Format
No. of Pages	: 13

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Abstract

The paper discusses the importance and applicability of blockchain technology in Industry 5.0. It highlights some of the new entrepreneurial opportunities that Web3 and Industry 5.0 are opening to the world, and provides a comprehensive overview of blockchain and Web3, how it applies to Industry 5.0, and how future entrepreneurs can leverage the new opportunities and technologies to monetize their business model. It also talks about how the integration of blockchain into Industry 5.0 impacts the customer and about tokenomics, as this is a big step towards the decentralized Internet. The current global Internet is mainly dominated by a few companies like Google, Microsoft, Meta, etc., and all user and personal data is stored on centralized servers that have a single point of failure, leading to global outages and data breaches. The paper highlights some business models such as decentralized autonomous organizations, and the challenges that will be faced in the future. It includes secondary data sources related to blockchain and Industry 5.0. The goal is to find decentralized, viable and sustainable solutions to the problems of Industry 5.0. The results and suggestions for future entrepreneurs in the field of Web3 and Industry 5.0 are also included.

Introduction

In Industry 5.0, cybersecurity and data ownership play a key role in the development and implementation of various production lines or real-time applications enabled using blockchain. One can observe that mainstream applications are gradually moving from a centralized infrastructure to a more decentralized alternative, namely, blockchain technology. This enables the application of enhanced adaptability features and increased overall productivity, and creates a responsive platform for human-machine interaction through the integration of Machine Learning and Artificial Intelligence (Figure 1). Blockchain technology also has an enormous impact on reducing the